Keeping assets on the books for a major retail bank

The problem:

A major bank had been escheating large numbers of lost/dormant accounts to the states. This not only created administrative costs for the bank, it also resulted in an ongoing drain on capital reserves.

The process:

EquiSearch used file cleansing and manual parsing to increase location rates. Specifically, we conducted automated searches using a comprehensive database containing over 1900 sources, including the three major credit bureaus. This was supplemented by an intensive manual search process, conducted by trained researchers.

The solution:

EquiSearch cleaned up the bank's backlog of dormant and lost accounts and continues to handle new cases. We provide customized reports to the clients each week, capturing account holder confirmations and/or RPOs.

The percentage of dormant and lost accounts retained has been significantly increased. This has allowed the bank to reduce escheatments and administrative costs, while adding dollars to its capital reserves that might otherwise have been lost.

Cost to client

None. EquiSearch received fees solely from eligible heirs to lost accounts, only upon recovery.

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