What is escheatment?

Escheatment is the process of a financial institution handing over Unclaimed Property to the appropriate state. Eisen streamlines this process by both

• taking action to prevent upcoming escheatable accounts.

• guiding partners through the escheatment requirements.

• guaranteeing compliance and preparing for potential audit defense.

Account Lifecycle: What happens to old bank accounts?

Role

Founding UI/UX Designer, Branding, SaaS Design, User Research

Team

Allen Osgood (CEO), Justin Curatolo, Jake Kent, Felix Liu, Constantine Polytrev (Software Engineers),
T Le, Jack Salva (Operations)

Timeline

May 2023 - ongoing

Account offboarding is complicated and manual-laboring.

The recent rise of fintechs and digital services has led to banks now having to handle millions of more accounts from every state.

With escheatment rules and deadlines varying for each state and jurisdiction, banks have to constantly monitor millions of accounts and upcoming deadlines while staying organized with all the previous/upcoming years.

Without the right gameplan, there is a higher risk of error, unintentional malcompliance, and subsequent penalties and audits.

How are banks currently dealing with escheatment?

Manual Spreadsheets

Countless hours. More manpower. Higher risk of error.

Handoff to Experts

More reliable but very expensive

Automated Technology

Full end-to-end account offboarding hub? Does not exist.

Account offboarding is a collaborative struggle.

I don't wanna put too much brain power in this, but I do want a higher volume of reactivated accounts.

I need full wind-down visibility on my subsidiary bank's accounts in a single platform.

We are building the world's first financial account offboarding hub from scratch.

With multiple features of winding down accounts, my priority as a founding designer is a fluid, intuitive experience - making sure our clients' accounts can flow through our platform seamlessly.

Brand new modern style guide and components

Structural sketches and wireframes

How might we set and forget escheatment monitoring?

Accounts Screen

Automated updates from client system information result in the most up-to-date dormancy and escheatment information, saving clients hundreds of hours on record-keeping while increasing accuracy.

Activities & Timeline

Tracking an account through every step of the Eisen product ensures proper compliance and preventative measures were taken before escheatment.

How might we take action to prevent escheatment?

Disbursement Hub

Eisen helps clients with an automated workflow of mass disbursements - from scheduling, tracking, and reporting. Whether it is winding down a closing institution or escheatment prevention, Eisen tracks all eligible accounts.

Outreach Hub

Eisen also gives every opportunity to contact dormant account owners. The campaign builder is a seamless tool to create a diverse set of outreaches (from Required Due Diligence Letters to Informal Emails) to increase the chances of account reactivation and delay their escheatment process.

How might we guide clients through the treacherous escheatment process?

Escheatment Hub

Eisen uses their backend rule engine technology to determine all accounts eligible for each escheatment period. Clients can set and forget this process as Eisen handles the data, determine eligible accounts, and product formal due diligence outreach to dormant account owners.

Escheatment as a Service

Eisen will work with their clients to approve the final reporting & remittance list. They will then submit a formal notice report to each State. Clients can also wire a one-time lump sum to Eisen where all the funds will be distributed and submitted to each qualified State.