Chesapeake Systems Solutions Inc. has introduced the Unclaimed Property Compliance System, a Windows-based software tool designed to help banks comply with abandoned property regulations.
The system operates with either stand-alone workstations or a personal computer network.
By law, banks and other corporations are required to report unclaimed bank accounts and income including payroll checks, dividend checks, savings accounts, and other items including safe-deposit boxes.
Historically, many banks have relied on manual reporting methods, in-house database programs, and outsourcing services to comply with the myriad regulations regarding abandoned property.
A Time-Consuming Task
Compliance officers often have to devote considerable time to identifying state statutes as well as keeping up with changes in the law. Because the United States and associated territories are divided into 54 regulatory jurisdictions, a banker's task is further compounded if the bank does business in several states.
Chesapeake Systems, in Owings Mills, Md., gives banks the the opportunity to buy the system on a jurisdiction-by-jurisdiction basis.
The system comes with a compliance information data base that culls the state regulations and provides banks with information such as report filing dates and customer notification rules.
The system also enables banks to better track their dormant accounts. A user simply inputs the account information and the system tells the users what steps need to be taken.
Chesapeake Systems provides semiannual regulatory bulletins and annual software updates.