Escheatment Solutions

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, 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.

Services

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.

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.

Annual Unclaimed Property Reporting

A full suite of unclaimed property reporting services, including:

  • Determining 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 has webinars providing updates and education on unclaimed property within the banking industry

Owner Location Services

  • Georgeson’s highly skilled research team will locate lost or dormant owners, identifying accurate addresses or heirs, and assist in reactivating these accounts
 

Our Team

Sean Carter, AAP, NCP

Sean Carter, AAP, NCP

President & CEO

Serves as the President & CEO of NEACH and its subsidiary, NEACH Payments Group

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Ray Graber

Ray Graber

Director

Serves as the Senior Vice President of Member Engagement for NEACH and Director of its subsidiary, NEACH Payments Group

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News

Jul - 20

NPG Services Go Virtual for 2020

At NEACH Payments Group we have always done things in the best interest of both our employees and our clients.  This year has brought so many new challenges for our staff... Read More

Apr - 20

Virtual Audits & Risk Assessments during the COVID-19 Pandemic

As COVID-19 continues to impact our daily lives, we want to assure you that we are ready and prepared to help you remain compliant. 

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Jan - 20

NPG to Attend BankWorld 2020

Join our experts at BankWorld at Mohegan Sun on January 17, 2020 for more information about our diverse portfolio of audit, risk assessment and consulting services.

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