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Dormancy and Escheat Compliance ( RELNBANK_BCA_US_110_DEA )

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Short text

Dormancy and Escheat Compliance

Use

Dormancy and Escheat Compliance is statutorily provide for by the various states in abandoned property laws pertaining to abandonment of personal property. Many of these states have adopted the Uniform Disposition of Unclaimed Property Act (1995, National conference of Commissioners on Uniform State Laws, Omaha, Nebraska).

Statutes on escheat of bank deposits are based on the doctrine that when deposits remain inactive and lapse of the statutory period has occurred, a presumption arises that the owner has died intrastate without heirs. When this occurs, the trend in state legislation is that these deposits are turned over to the state.

The Dormancy and Escheat Account Maintenance report can be accessed via transaction BCA_US_DEA1.

Under the Account Maintenance tab, the Dormancy and Escheat Account Maintenance occurs in three phases. They are identified by the Status Enhancement that is set on the Account (Status Definition):

0020 - Inactive, no customer initiated transactions (Inact /no cust init trans): This is where the Account Holder has not initiated any transactions and the Bank has maintained contact with the Account Holder.

0021 - Dormant, customer contact has been lost (Dormant/cust contact lost): This is where the Bank has lost contact with the Account Holder of an Inactive Account for a prescribed period of time.

0002 - Closed, flagged for archive (Closed/flagged for arch.): This is where the Account has been Dormant for a specified period of time and is finally closed as Escheat. The balance of the Account is turned over to the state. There is no specific status designated for Escheat. The standard status of 0002, Closed/flagged for arch. is used.

Under the Correspondence History tab, a log of correspondence can be tracked on the Account Holder. Entries can be created, edited and/or reversed as needed. Correspondence History is used to establish the length of time elapsed in order to determine Dormancy.

Under the Escheat Adjustment tab, adjustments can be made to those Accounts that have been reported as Escheat.

Under the Create Escheat File tab, an Escheat file and/or report is generated that can be submitted to the local jurisdiction.

Effects on Existing Data

Dormancy and Escheat Compliance uses existing Account Information. The only impact to Accounts is when the Escheat program is updating the Account Status and closing the account. Everything else is stored in it's own custom tables.

Effects on Data Transfer

The Dormancy and Escheat Accounts Maintenance report (Transaction BCA_US_DEA1) is a stand alone report.

Effects on System Administration

Effects on Customizing

In addition to the normal customizing needed for standard BCA, the following items will also need to be customized:

• Maintain Escheat Attributes

• Maintain Escheat Property Codes

• Maintain Escheat Relationship Codes

• Maintain Escheat Deduction Codes

• Maintain Escheat Addition Codes

• Maintain Escheat Deletion Codes

• Maintain Escheat Account Closure Reference

• Maintain Dormancy Correspondence Codes

Further Information

CPI1466 during Backup   Fill RESBD Structure from EBP Component Structure  
This documentation is copyright by SAP AG.

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