precision power hour escheatment processcontentz.mkt3120.com/.../769152/pph_0730_escheatment.pdf ·...

Precision Power Hour

Escheatment ProcessJuly 30, 2020

Angie Schindler – Service Partner Manager

© 2020 Fiserv, Inc. or its affiliates. | FISERV CONFIDENTIAL

FORTUNE World's Most Admired Companies®

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Agenda

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• General Overview

• Escheatment Parameters

• Escheatment Process

• Due Diligence

• Dormancy – including fees



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Escheatment Meaning

• The term "escheat" derives ultimately from the Latin ex-cadere, to "fall-out“

• 12th Century - the monarch became the owner of all the land in the kingdom. Land-holders were able to ‘own’ or control the land where if there were no heirs or felons had to escheat their land up to the Crown.

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Escheatment as it is Today

Escheatment is the process of returning lost or unclaimed property to the government of a State, for safekeeping until the owner(s) is identified. Geographic jurisdiction of the State is determined by the last known address of the original owner. Each state has laws regulating escheatment, with holding periods typically ranging around three to five years.

The legal principle behind escheatment is that all property has a legally recognized owner; therefore, if the original owner cannot be found within a specified time, government is presumed to be the owner.

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Unclaimed Property

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https://unclaimed.org/

Banks responsibility to know the guidelines for you’re your institution. The compliance officer or department should be the primary resource.

Intangible Property

https://unclaimed.org/



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Precision Parameters

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• The system compares the following contact “date” fields when determining what accounts print on the CIF Escheatment Journal and Escheatment export. The contact dates below for Loan, IRA and Safe Deposits are used for related accounts.

• Demand Deposits – Date Last Address Change, DDA Contact Date, CIF Date Last Contact, Date Last Deposit and Date Last Withdrawal

• Certificates – Date Last Address Change, CDA Contact Date, CIF Date Last Contact, Date Last Deposit and Date Last Withdrawal

• Loan – Date Last Address Change, CIF Date Last Contact, Date Last Payment, Loan Date of Last Contact and Date Last Advance

• IRA – Date Last Contribution, CIF Date Last Contact and Date Last Distribution

• Safe Deposits – Date Last Address Change, Date Last Access, CIF Date Last Contact or Date Last Payment



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Escheatment Setup Parameters

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• Bank Information> Dormancy Options



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• General Ledger> CD Interface

• General Ledger> DDA Interface



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• Remember to use the field copy to copy from one GL Code to all others.

• General Ledger> DDA Field Copy



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• General Ledger> DDA Field Copy

• Choose the field to Selected/Copy to copy the field to the GL Codes Chosen.



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• Customer Info> Relationship Descriptions

• How should Secondary customers be reported with escheatment?



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• Customer Info> Relationship Descriptions

• Used in Add/Change adding a secondary



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• Reason Closed for Both DDA & CDs

Parameters> CD> Reason Closed

Parameters> DDA > Reason Closed



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• DDA> Stop Payment Reason Codes

• Reason Type = Item



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Proof> DDA Transfer Interface Escheatment Tab



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• Customer Info> Escheatment

General Tab



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Terms Tab

Account Sub-Tab



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Terms Tab

Check Sub-Tab



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• DDA Account Must be an Internal Reconciliation Account

• DDA> Add/Change – Account Reconciliation Plan = 9



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• Contact 1 & 2 are used in the extract file and have to be people, not generic.

• Addr 2 & 3 have to be completed and could be a duplicated



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Escheatment Process

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Precision Process

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• Demand Deposit> Processing> Escheatment



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Demand Deposit> Processing> Escheatment

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Internal Reconciliation Outstanding Checks

• DDA> Processing> Reconciliation> Internal Accounts

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Precision Process

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• Customer Info> Interfaces> Escheatment



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Precision Escheatment Report

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Escheatment Due Diligence

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Due Diligence Notes

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Final Letter Example

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Dormancy

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Dormancy

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Dormancy

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Dormancy Notices

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User Defined Notices

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Parameters> Bank Information> User Defined Notices



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Service Charges

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Parameters> DDA> Service Charge



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Service Charges

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Parameters> DDA> Service Charge



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Miscellaneous Fees

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Parameters> DDA> Miscellaneous Fees



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Miscellaneous Fees

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Miscellaneous Fees

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Q&A

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Thank You!

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precision power hour escheatment processcontentz.mkt3120.com/.../769152/pph_0730_escheatment.pdf ·...

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