Dormant Accounts Business Rules

CX BUSINESS RULES:

CX must manually upload ALL documents sent or received from the customer to the HubSpot ticket

CX must follow the HubSpot SOP for the creation and entire process of a HubSpot ticket

CRITICAL: The last contact date must not be updated when the account is dormant status

CX must follow the authentication process in the Contact Handling SOP for all CX channels with the following adjustment:

Dormant Status Account Authentication Questions:

If a customer contacts us, do not authenticate the customer with the same information located on the letter

On the letter:

Name

Address

Account number

Please use four of the following:

Email address

Account type

Last four (4) of SSN#

Mother’s Maiden Name, if available

Phone number

Send Happy Banker code to the number on file only

An account is considered dormant/inactive if the following does not occur during the designated period:

Deposit, withdrawal, or money transfer

No contact with the bank – phone call/ email/ secure message /mail

Dormant Account Timeframes:

Demand Checking accounts go dormant after 12 months of inactivity

Savings accounts go dormant after 24 months of inactivity

Certificate of Deposit goes dormant after 36 months of no contact from the first maturity date

Dormant Fees:

The dormant fee is $5.00 monthly for Checking and Savings account

The fee will be charged the following month after the dormant status is changed

A Manager can waive the dormant fee(s)

Certificate of Deposit accounts are not charged a $5.00 monthly dormant fee

Dormant Letter:

Effective April 11, 2023, dormant letters will no longer be required to be notarized

The letter must be signed

Electronic or e-signature is not accepted

Color Copy of the Government Issued ID must be sent

If the signature does NOT match – please ask for a clear color photo of the client holding their ID

Entire ID must be in view

The dormant letter is generated once the account is changed from active to dormant status

There is no pre-letter generated before the account goes into a dormancy status

Dormancy letters are in the Quontic Operation Folder

See the Control Section for the procedure to access these letters

Dormant letters are mailed when the account becomes dormant to the customer’s address on file

Mailed through regular USPS (7-10 business days).

Once the dormant letter is generated, DBO will need that letter to reactivate the account

Exceptions:

If the account is at a zero balance, Quontic can close the account without the dormant letter if the customer requests it in writing.

If the customer wants to close the account and receive a fee refund of $5.00, the dormant letter is required to reactivate the account. A written request for the fee reimbursement is also required. CX will then proceed with the closure items needed.

Abandoned Property:

Escheatment” is the term that describes how “abandoned,” “unclaimed,” or “lost” property is turned over to the state. Depending on the state of residence, the timeframe of when the status of the property becomes abandoned can vary. However, Quontic Bank is required to notify the client that their unclaimed property will be transferred to their resident State Unclaimed Property Division if there is no contact from the client.

Quontic Bank has two different types of abandoned properties:

Deposit Accounts

This includes dormant accounts that have no beneficiaries and activity

Negotiable Items

This includes official checks or money orders that have not been cashed

On July 1st of the current year, abandoned reports are generated by the DBO team that list deposit accounts and negotiable items to be escheated to New York State

The first letter is mailed between July 17th – 24th for all balances

The second letter is mailed between September 1st – 5th on accounts and negotiable items of $1,000 and over

The client must return the documentation mailed to the DBO team within 30 days of the date mailed to gain access to the funds

If the client wishes to close out the account after activating the account, see the proper account type Closeout SOP for the full process

CX must follow the regular closeout option process for these accounts

If the client contacts us after the deadline, they must file a claim with the corresponding State Unclaimed Property Division of residence

For example, Massachusetts residents must file a claim with the Massachusetts Unclaimed Property Division