02 — Capability · BC-1710.40
Dormancy, Closure & Unclaimed Funds
Notice when accounts go inactive, close accounts cleanly when the customer or bank ends the relationship, and hand abandoned balances to the state or unclaimed-assets authority on time so no customer money is lost or kept unlawfully. Keeping closed-account records for the required period is records management.
- Inactive Account Handling
- Account Closure
- Abandoned Property Compliance
In scope
- Inactivity tracking, dormancy flags and owner outreach
- Customer and bank-initiated account closures and final payouts
- Unclaimed property due diligence, reporting and remittance
- Accounts of deceased customers and estate settlement
Out of scope
- Retention and disposal of account records (see BC-790.10)
- Regulatory obligations register in general (see BC-140.10)
- Exits driven by financial crime risk decisions (see BC-1770.10)
Decomposes into · 4
- BC-1710.40.10Dormancy MonitoringTrack customer-initiated activity on every account, mark accounts dormant when the rules say so, and contact owners before their funds become abandoned.
- BC-1710.40.20Deposit Account ClosureClose accounts at the customer's or bank's request, settle final interest and fees, and pay out or transfer the remaining balance.
- BC-1710.40.30Unclaimed Property ReportingIdentify balances that have passed the abandonment period, send required owner notices, and report and remit them to each state or unclaimed-assets authority on its schedule.
- BC-1710.40.40Deceased Customer AccountsRespond to notice of a customer's death by restricting the accounts, verifying the representatives, and paying balances to the estate or named beneficiaries.