UNCLAIMED PROPERTY & ESCHEATMENT SERVICES
UMACHA and Georgeson have created a partnership to bring escheatment solutions to your bank or credit union at competitive pricing.
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 penalties.
Banking assets are the number one remitted property type in most states. Not only does this deplete the assets under your management, ever-changing unclaimed property laws also leave banks and credit unions at risk of non-compliance, which can result in significant fines and penalties.
With UMACHA by your side, we can help you retain assets and reduce your risk of non- compliance.
UMACHA and Georgeson Unclaimed Property Compliance Services, Training & Resources
Georgeson’s Unclaimed Property Compliance Services can manage the entire unclaimed property life-cycle, relieving your organization of these complex, resource-intensive tasks and allowing you to focus on your core business priorities. Starting with identifying the unclaimed property 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.
Unclaimed Property Analysis
Unclaimed Property Policy and Procedure Guidelines
Owner Location Services
Annual Unclaimed Property Reporting: A full suite of unclaimed property reporting services, including:
Training & Webinars
UMACHA and Georgeson periodically host webinars to provide updates and education on unclaimed property within the banking industry. Check back for updates on the next webinar in June 2019.
Onsite Training & Support
Whitepapers on Unclaimed Property in the Banking and Credit Union Industries
Every year, millions of dollars in banking assets are escheated in the United States - in fact banking assets are the most remitted property type in most states. Escheatment can result in a decreased asset base, loss of customers, and non-compliance with the myriad of unclaimed property requirements can result in fines, penalties, interest expenses, and increase your risk of being audited.
Download our whitepaper to learn how your bank can stop escheatment before it happens by taking four important actions.
7 Reasons to Outsource Your Bank or Credit Union’s Unclaimed Property Services
Outsourcing your unclaimed property process is a reliable and convenient option to help you ensure compliance. Banks and credit unions can recognize the increased efficiency, lower cost and greater accuracy that can accrue from outsourcing to experienced specialists.