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UMACHA and Georgeson have created a partnership to bring escheatment solutions to your bank or credit union at competitive pricing.

Why Be Concerned About Unclaimed Property and Escheatment?

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

  • Policy & Procedure Review: ensure your procedures are consistent with state laws
  • Unclaimed Property Reports Review: review of previous unclaimed property reports to identify errors and provide best practice guidelines
  • Dormant Account Analysis: analysis of dormant accounts (savings, checking, checks, and CDs) to identify any liability

Unclaimed Property Policy and Procedure Guidelines

  • Unclaimed property policy and procedure templates that can be customized for your organization
  • Bi-annual updates to ensure compliance with changing industry standards

Owner Location Services

  • Georgeson’s highly skilled research team will locate lost or dormant owners, identifying the accurate addresses or
    heirs, and assist in reactivating these accounts.

Annual Unclaimed Property Reporting: A full suite of unclaimed property reporting services, including:

  • Determining the eligibility for escheatment
  • Mailing of due diligence letters
  • Filing reports with all 50 states and US territories

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.

On-Demand Webinars
What The Escheat? All You Need to Know About Unclaimed Prpoerty

Onsite Training & Support
Georgeson can come onsite and train your staff on unclaimed property.

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.

Banking Industry version
Credit Union Industry version

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.

Read the article here

Bank Dormancy & Reporting Maps

Download our maps for:
Bank Dormancy Periods for Savings & Checking Accounts
Bank Dormancy Periods for Payroll & Wages
Bank Reporting Dates for Unclaimed Property


Phone: (763) 549-7000
Toll Free: (800) 348-3692
Email: info@umacha.org