Other Services

PAR/WACHA’s vision is to provide new and innovative ideas and comprehensive solutions to our members that reduce risk while supporting and enhancing their business goals and strategy.  While we continue to seek new ideas and pursue other solutions we  currently have partnered and piloted  with  organizations specializing in:

  • Data Analytics (Segmint) – offers a comprehensive solution and analytics strategy with an easy, low cost, low resource entry point and an easy road map for expansion with minimal investment.  Click here for more information on Data Analytics

  • Unclaimed Property (Georgeson) -  provides guidance to timing, filing , risk reduction and exposure to fines in all required  50 filing jurisdictions.  Assistance with escheatment documentation, process, procedures, payments including an optional full service solutions. Click here for more information on Unclaimed property

Unclaimed Property and Escheatment Services

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

Bookmark this page and check back regularly for updates on:

  • Training and webinars
  • Legislative updates
  • Insights and resources

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 Macha/PAR by your side, we can help you retain assets and reduce your risk of non-compliance.

 

Macha/PAR and Georgeson unclaimed property compliance services, training and 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.

Services

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 and webinars

Upcoming webinars

Coming soon!