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 17^th – 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