Compliance Question of the Week
September 12, 2011
September 13, 2011
What is considered positive owner contact that would prevent an account from going dormant?
Savings and checking accounts are abandoned if there is no positive owner contact for three years. Positive owner contact is defined as being any documented contact initiated by the owner, including:
- phone calls
- address changes
- activity on a related account
Positive owner contact specifically does not include:
- unreturned mail
- automatic interest transfers (except the first one)
- automatic payments
- internally initiated address changes (such as adding plus four digits to the zip code)
- service charges
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.
Posted in Compliance.