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Escheatment of Accounts

2018-07-25

Regulatory Authority: Federal Reserve Bureau (FRB)

Credit Hours:

Escheatment is the process whereby a state takes possession of abandoned or unclaimed property on behalf of the owner.  The diÔ¨Éculty with escheatment compliance is that a financial institution must comply with the laws of each state in which its customers reside. Despite the existence of a Uniform Unclaimed Property Act few state laws are uniform.

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