Escheatment: Difference between revisions
Jump to navigation
Jump to search
Amwelladmin (talk | contribs) Created page with "{{g}} The US means of dealing with abandoned client assets and bank accounts.All US states require financial institutions to report when personal property has been abandon..." |
Amwelladmin (talk | contribs) No edit summary |
||
| (2 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
{{g}} | {{g}} | ||
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. | ||
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 | 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 [[escheatment]], whereby the state becomes the owner of the account. | |||
{{sa}} | {{sa}} | ||
*[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 | ||
Latest revision as of 09:12, 18 September 2020
|
The US means of dealing with abandoned client assets and bank accounts.
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 escheatment, whereby the state becomes the owner of the account.
See also
- SEC bulletin on Escheatment
- Dormant Bank and Building Society Accounts Act 2008 - the UK equivalent