NEACH Payments Group (NPG) and Georgeson have created a partnership to bring escheatment solutions to your bank or credit union.
Why Be Concerned About Unclaimed Property and Escheatment?
Nearly 70% of financial institutions are not fully compliant with Unclaimed Property laws – audits have increased dramatically and financial institutions are at a greater risk of fines and penalities. With NPG by your side, we can help you retain assets and reduce your risk of non-compliance.
NPG Unclaimed Property Compliance Services, Training, and Tools
NPG connects you with escheatment experts. Georgeson’s Unclaimed Property Compliance Services can manage the entire unclaimed property life-cycle, relieving your organization of these complex, resource-intensive tasks and allowing you to focus on your core business priorities. Starting with identifying the unclaimed assets on your records, Georgeson conducts due diligence requirements and develops and executes outreach campaigns to find lost and dormant owners.
Georgeson’s knowledgeable professionals also assist organizations with the complex escheatment process, providing jurisdictional knowledge and monitoring legislative and other changes impacting escheatment. Their experts are well-versed in the various state criteria for identifying and reporting unclaimed property, as well as the differing industry-specific requirements and rules for submission and formatting of reports. Georgeson works with clients to document and support all due diligence efforts, prepare filings in each state-mandated format, maintain copies of all reports and supporting documentation, and protect funds until they are reported and transferred to the state.
Unclaimed Property Analysis
- Policy & Procedure Review – ensure your procedures are consistent with state laws
- Unclaimed Property Reports Review – review of previous unclaimed property reports to identify errors and provide best practice guidelines
- Dormant Account Analysis – analysis of dormant accounts (Savings, Checking, Checks, and Cds) to identify any liability
Unclaimed Property Policy and Procedure Guidelines
- Unclaimed property policy and procedure templates that can be customized for your organization
- Bi-annual updates to ensure compliance with changing industry standards
Owner Location Services
- Georgeson’s highly skilled research team will locate lost or dormant owners, identifying the accurate addresses or heirs, and assist in reactivating these accounts
Annual Unclaimed Property Reporting
A full suite of unclaimed property reporting services, including:
- Determining the eligibility for escheatment
- Mailing of due diligence letters
- Filing reports with all 50 states and US territories
Training and Webinars
- Onsite training and support – Georgeson can come onsite and train your staff on unclaimed property
- Webinars – At least twice a year, Georgeson have webinars providing updates and education on unclaimed property within the banking industry