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| # | Title | User Story | Importance | Notes |
|---|---|---|---|---|
| 1 | Last Deposit or Withdrawal on Account | System must track last transaction made by customer | Must Have | The transaction may be electronic or in person and must be a deposit or withdrawal |
| 2 | Exclude Interest Payments | Account will continue to earn interest while in an inactive status | Must Have | Interest payments do not activate the account |
| 3 | Inactive Account Fee | Accounts may be charged a fee when the account becomes in active for a set period of time | Must Have | The inactive account fee does not activate the account |
| 4 | Inactive Account Reports | Must be able to pull an inactive account report either on-demand or in the month-end job queue | Must Have | The inactive report must list customer name, account number, contact information, date of last activity, total days inactive |
| 5 | Dormant Account Report | Must be able to pull a dormant account report either on-demand or in the month-end job queue | Must Have | The Dormant Account report lists the above details for accounts xx years old or more. |
| 6 | Escheat Funds | Many FIs will be required to turn abandoned property over to a regulatory body. Must have the ability to debit client account/credit Abandoned Property GL. |
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| Question | Outcome |
|---|---|
What happens to accounts which have -ve balance (overdraft) but fit the definition of inactive/dormant/escheat? | That will be determined by the FI. These typically become a loss to the FI. |
| Overall there will be 3 new status for an account, inactive/dormant/escheated, please confirm. | yes. Typically an account first becomes inactive. Then it becomes dormant. Finally it moves to an escheat status when the proceeds are turned over to a regulatory body. |
| Fee applicable would be flat or can be % as well? | That will be determined by the FI. There should be a choice |
| Abandoned property account would be an expense or liability type account? | abandoned savings is a liability |
| Fee collected would get into what type of account? | Fee collected would go to an income account - typically a sub-heading below Fee Income |
| Is deposit/withdrawal/fund transfers allowed when account is in inactive status? | Yes - the financial transaction reactivates the account |
| Is deposit/withdrawal/fund transfers allowed when account is in dormant status? | Yes - the financial transaction reactivates the account |