2.7 Unlcaimed processing for Certificate of Deposits
This topic describes the processing of escheatment in CDs.
The escheatment laws differ by state in United States. The escheatment process will always be automatic.
The deposit is closed post the escheatment processing and the unclaimed funds are transferred to the state.
For a term deposit:
- The deposit should be matured or auto-renewed at least ‘Once’ before considering the same for Escheatment processing.
- Only non-financial transactions to be considered while determining escheatment periods (non-financial transactions at Customer level) for the deposits, which is ‘Last Contact Date’.
Note:
The deposit will be considered for escheatment based on the customer last contact date with the bank.Note:
For more information about the configurations, refer to the sections State Group Parameters and State Code Mapping in the Account Configurations User Guide.Parent topic: Operations