State escheat or unclaimed property laws require financial institutions to monitor dormant accounts, administer these accounts as unclaimed property, and remit such funds to the appropriate state authority. However, the lack of automated tracking within core processing systems makes it challenging for financial institutions to comply with these requirements without an extensive amount of manual effort. As a result, many have insufficient controls in place or simply do not track these accounts, both of which result in a compliance violation.
ELIMINATE HOURS OF MANUAL RESEARCH EACH MONTH
The Centrix Escheatment Tracking System (CentrixETS™) simplifies compliance with escheat or unclaimed property laws by automating the gathering and analysis of data, identifying suspect accounts, monitoring related accounts and tracking attempts to contact the customer. In the end, many hours of manual research are eliminated and consistent rules are in place to manage this process.
System Features:
- Automatically identify suspect dormant and escheatable accounts for all deposit account types (DDA, Savings, COD's & IRA's)
- Automatically monitor account file maintenance for customer initiated activity on both the dormant account as well as related customer accounts
- Automatically monitor related customer accounts for transaction activity, thus eliminating hours of continual research
- Contact notes document action taken on suspect accounts (i.e. letters sent)
- Creates customer letters as defined by the financial institution
- IRA escheatment dates are projected based on the mandatory distribution date
- More than 15 reports provide comprehensive management of these accounts
System Benefits:
- Centralized system for all escheatment efforts. Eliminates disparate spreadsheets or other documents
- Comprehensive reporting to document compliance
- Consistent governance to comply with the state regulation
- Eliminate the labor cost associated with manually reviewing account file maintenance reports and transaction journals
- Transaction monitor to identify accounts that may have internal fraud occurring
To discuss Escheatment Tracking System in more detail or receive additional information,
contact us via email at info@centrixsolutions.com or call 402.488.3990.
