Account Escheatment |
  
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Navigation: Deposit Screens > Definitions Screen Group > Event Setup Screen >
Account Escheatment |
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To process this event, the escheatment months and escheatment date must be filled in. Enter the number of escheatment months your institution is required to use in the ESCH Months field (see below), and enter the escheatment date your institution is required to use in the ESCH Date field (see below). The data in these fields overrides the institution options used for the notices generated during afterhours. Escheatment months are defined as the number of months from the date of last customer contact until an account becomes escheatable. The escheatment date is the month and date (MMDD) accounts escheat to the state each year.
Certificates are not escheatable in the first term. Generally, accounts with no dormancy term are not escheatable. However, retirement accounts do not use the dormancy rules. If the date of last customer contact falls within the escheatment months for these accounts, an escheatment notice will be created. You need to follow the retirement escheatments rules of your state to determine whether or not to send the notices to your customers.
The event can be run two ways. The first option you can use is the run dates. When using the run dates, up to four different run dates in MMDD format can be used in the Run Dates field (see below). All accounts that become escheatable by those four dates will create an event record.
The second option that can be used instead of the run dates is the run parameter (see below).
Event Number: 4020, 4120 (No Mail - See the main Event Setup Screen help for more information on the No Mail Option.)
Event Letter: If account is < $25.00, then first two digits = 25. Last two digits: 01 = Checking, 02 = Savings, 03 = Certificate, 04 = Retirement.
See the following options involving this event:
To process this event, the escheatment months and escheatment date must be filled in. Enter the number of escheatment months your institution is required to use in the ESCH Months field, and enter the escheatment date your institution is required to use in the ESCH Date field. The data in these fields overrides the institution options used for the notices generated during afterhours. Escheatment months are defined as the number of months from the date of last customer contact until an account becomes escheatable. The escheatment date is the month and date (MMDD) accounts escheat to the state each year. A certificate is not escheatable in its first term. An account with no dormancy term is not escheatable. |
Use the cutoff date with the run dates (see below). The cutoff date pulls the same accounts on each run date. The Cutoff Date field is file maintainable. If used, all accounts that become escheatable by the cutoff date instead of the run date will create an event record. |
Valid data for the Run Parameter field is "M = Monthly," "Q = Quarterly," and "S = Semi-monthly." If a parameter is used, this event will run the last processing day of each month, quarter, or six months, depending on the parameter used. All accounts that become escheatable in the next month, quarter, or six months will be selected. |
Use these fields to enter the escheatable dates you want event records created. When using the run dates, up to four different run dates in MMDD format can be used in the Run Dates field. All accounts that become escheatable by those four dates will create an event record. |
