Automated Escheatment Process

• US 20110099103A1
• Filed: 01/13/2010
• Published: 04/28/2011
• Est. Priority Date: 10/22/2009
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Howard, Laura M., Minnis, Kathleen P.
• Application Number:
  US12/686,450
• Publication Number:
  US 20110099103A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

A system and method of identifying an appropriate state to which unclaimed funds should escheat is presented. The system and method may include receiving data regarding unclaimed funds and identifying an owner of the funds, as well as the last known state of residence of the owner. The unclaimed funds are assigned a state identifier identifying the state to which the funds may escheat. At a predetermined time, or on demand, the funds may escheat to the designated state.

Claims

1. A method comprising:

identifying unclaimed funds to escheat to a state;

identifying last known information for an entity to which the unclaimed funds is owed;

associating a state identifier with the unclaimed funds, the state identifier identifying a last known state of residence associated with the unclaimed funds based on the identified last known information associated with the unclaimed funds; and

escheating the identified unclaimed funds to the identified state.

2. The method of claim 1, further including generating a report listing identified unclaimed funds and the associated identified state.

3. The method of claim 2, further including sorting the report listing identified unclaimed funds based on the associated identified state.

4. The method of claim 1, wherein the state identifier is a two digit code.

5. The method of claim 1, wherein identifying last known information associated with the unclaimed funds includes matching data associated with the unclaimed funds with data associated with an owner of the unclaimed funds.

6. A method, comprising:

receiving data associated with unclaimed funds;

identifying a transaction associated with at least a portion of the received unclaimed funds data;

matching the identified transaction to an owner;

responsive to identifying an owner matching the identified transaction, associating a state identifier with the identified transaction; and

escheating the unclaimed funds identified in the transaction to a state represented by the associated state identifier.

7. The method of claim 6, further including responsive to identifying an owner matching the identified transaction, extracting owner information from saved data associated with the owner.

8. The method of claim 7, wherein the owner information includes a last known state of residence.

9. The method of claim 7, wherein the step of extracting owner information includes interfacing with an external database.

10. The method of claim 9, wherein interfacing with the external database includes identifying location information for the owner.

11. The method of claim 6, further including responsive to determining that no owner matches the identified transaction, forwarding the identified transaction for additional processing.

12. The method of claim 6, wherein the state identifier is a two-digit code.

13. An apparatus comprising:

a processor; and

memory operatively coupled to the processor and storing computer readable instructions that, when executed, cause the apparatus to;

receive data associated with unclaimed funds;

identify a transaction associated with at least a portion of the received unclaimed funds data;

match the identified transaction to an owner;

responsive to identifying an owner matching the identified transaction, associate a state identifier with the identified transaction; and

escheat the unclaimed funds identified in the transaction to a state represented by the associated state identifier.

14. The apparatus of claim 13, further including responsive to identifying an owner matching the identified transaction, extract owner information from saved data associated with the owner.

15. The apparatus of claim 14, wherein the owner information includes a last known state of residence.

16. The apparatus of claim 14, wherein extracting owner information includes interfacing with an external database.

17. The apparatus of claim 16, wherein interfacing with the external database includes identifying location information for the owner.

18. The method of claim 13, further including responsive to determining that no owner matches the identified transaction, forward the identified transaction for additional processing.

19. One or more computer-readable media storing computer readable instructions that, when executed, cause an apparatus to perform a method, comprising:

receiving data associated with unclaimed funds;

identifying a transaction associated with at least a portion of the received unclaimed funds data;

matching the identified transaction to an owner;

responsive to identifying an owner matching the identified transaction, associating a state identifier with the identified transaction; and

escheating the unclaimed funds identified in the transaction to a state represented by the associated state identifier.

20. The one or more computer-readable media of claim 19, further including responsive to identifying an owner matching the identified transaction, extracting owner information from saved data associated with the owner.

21. The one or more computer-readable media of claim 20, wherein the owner information includes a last known state of residence.

22. The one or more computer-readable media of claim 20, wherein the step of extracting owner information includes interfacing with an external database.

23. The one or more computer-readable media of claim 22, wherein interfacing with the external database includes identifying location information for the owner.

24. The one or more computer-readable media of claim 19, further including responsive to determining that no owner matches the identified transaction, forwarding the identified transaction for additional processing.