Macha/PAR's vision is to provide innovative ideas and comprehensive solutions to our members. We want to help you reduce risk while enhancing your business goals and strategies. We're always seeking new partnerships and solutions to benefit our membership. Currently, we're working with organizations specializing in unclaimed property and escheatment, payment analytics, and third-party risk.
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, legislation, 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.
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.
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
Visit Georgeson's Unclaimed property webinars and podcasts page.
Onsite training and support
Georgeson is available to come to your location to train your staff on unclaimed property and escheatment.
Unclaimed Property Policies and Procedures Manual
This publication provides a sample of what is required for your Unclaimed Property Policy and Procedures. It addresses the reporting process and provides reporting timeframes including differing property types, dormancy periods and contains a full glossary. It also includes helpful websites and best practices offering guidelines on how to limit the property sent to the state, minimize risk and exposure to fines or penalties. Having a comprehensive Unclaimed Property Policy and Procedures benefits both financial institutions and corporations alike. Preparation leads to responsible cost-efficiency and risk aversion.
Whitepapers on Unclaimed Property for Banks and Credit Unions
Banking Industry version
Credit Union Industry version
Seven Reasons to Outsource Your Bank or Credit Union's Unclaimed Property Services
Each state has its own unclaimed property law, meaning financial institutions face a daunting web of complex laws governing how abandoned property must be handled. Included in these laws are administrative requirements placed on holders that generally require monitoring, reporting and remittance to the state after the asset has remained unclaimed by the owner. Click the link above to read the article.
Dormancy and reporting maps
Bank Dormancy Periods for Savings & Checking Accounts
Bank Dormancy Periods for Payroll & Wages
Bank Reporting Dates for Unclaimed Property
Segmint empowers financial institutions to easily understand and leverage data, interact with customers, and measure results. Derived from billions of transactions, Segmint provides the fastest and most accurate customer insights through advanced data tagging, categorization, and contextualization. Our insights enable all functions of an organization to inform strategies including competitive analysis, risk, marketing, customer experience, and product innovation.
Gain a competitive edge with your transaction data
The banking industry is experiencing enhanced competition from non-banks, disruption by FinTechs, and market consolidation due to M&As. Digital technology is further intensifying the market, revolutionizing the way consumers research banking products, conduct their banking, and open new accounts.
Insights gleaned from your ACH, bill pay and card transactions can transform how you go-to-market and serve and support your account holders. Payment Analytics is enabling financial institutions to use this data to better serve account holders and make more informed decisions around every strategic initiative including product portfolio, market positioning, revenue growth, market expansion, M&A, and much more.
Macha Member Benefits:
Special member pricing
Easy vendor-due-diligence package
Limited technical resources required
Quick turnaround and simple deliverables
Opportunity to step into analytics at a low cost with minimal commitment
What is the Payments Analytics Report?
By looking at a handful of fields and just 90 days of transactions, you will receive a detailed analysis of account holder spend, retail and commercial, at an aggregate level as well as by each product category including auto lending, credit card, investments, residential lending, student loans, and other lending. Additionally, every quarter, you will receive a data extract of one highly targeted audience to utilize for your sales and marketing campaigns.
Who will benefit from this report?
CEO/Board of Directors
Argos Risk® is a leading provider of Third-Party Risk Intelligence (TPRI) solutions. Formed in 2010, they are experts in financial risk management services to fulfill a need for timely and comprehensive risk mitigation knowledge. They provide innovative and affordable subscription services that help companies manage the risks associated with their third-party relationships, such as vendors, ACH/RDC originators, and lending relationships.
AR Surveillance automatically monitors, analyzes, and reports on your selected portfolio. Designed to make the process of risk compliance and best practices as seamless and efficient as possible. Daily, Argos Risk automates required compliance and internal processes to classify, rate, and alerts you with timely information.
Click here to learn more about AR Surveillance (PDF)