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Escheatment: Difference between revisions
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The US means of dealing with abandoned [[client asset]]s and bank | The US means of dealing with abandoned [[client asset]]s and [[bank account]]s. | ||
All US states require financial institutions to report when personal property has been abandoned or unclaimed after a stipulated period — often five years. | All US states require financial institutions to report when personal property has been abandoned or unclaimed after a stipulated period — often five years. | ||
Before treating it as abandoned or unclaimed, the firm must first make a diligent effort to try to locate the account owner. If it can’t and the account has remained inactive for the required period the firm must report the account to the state where the account is held. The state then claims the account through a process called | Before treating it as abandoned or unclaimed, the firm must first make a diligent effort to try to locate the account owner. If it can’t and the account has remained inactive for the required period the firm must report the account to the state where the account is held. The state then claims the account through a process called [[escheatment]], whereby the state becomes the owner of the account. | ||
{{sa}} | {{sa}} | ||
*[https://www.sec.gov/fast-answers/answersescheathtm.html SEC bulletin on Escheatment] | *[https://www.sec.gov/fast-answers/answersescheathtm.html SEC bulletin on Escheatment] | ||
*[[Dormant Bank and Building Society Accounts Act 2008]] - the UK equivalent | *[[Dormant Bank and Building Society Accounts Act 2008]] - the UK equivalent | ||