eNews Archive

Escheatment is a legal process by which unclaimed or abandoned assets, typically financial assets like bank accounts, uncashed checks, or securities, are transferred to the government. This occurs when the rightful owner of the property or funds cannot be located or identified after a specified period, known as the dormancy period. The account or property can be reclaimed if someone emerges with a legal claim, but reclamation is generally subject to a statute of limitations. Statutes not only vary by state, but by property type with costs that continue to increase.

The practice of customer pushback on the payment terms offer by their vendors is forcing the hand of creditors. If they accept the longer terms demanded by the customer, it will be extremely difficult to return the terms to the previous level. If creditors deny the longer terms, they run the risk of losing their customer.

Finding your leadership style is a journey of self-discovery and continuous growth. It begins with introspection and an honest assessment of your strengths, weaknesses, values and beliefs. Understanding who you are as a leader is the first step before successfully leading a team.

In an ever-evolving global marketplace, outsourcing has emerged as a strategic tool that businesses of all sizes leverage to enhance efficiency, reduce costs and remain competitive. Credit departments may choose to outsource certain credit tasks on a permanent or temporary basis depending on the needs of the company.

With Congress racing towards a government shutdown on Oct.1—an outcome that is looking more and more likely—let’s look at the three most recent shutdowns and what you can expect this time around.

The Financial Crimes Enforcement Network (FinCEN) and Internal Revenue Service (IRS) Criminal Investigation Department issued a notice of attention to a notable increase in state and federal payroll tax evasion and workers’ compensation insurance fraud in the residential and commercial real estate construction industries.

Relationships are at the crux of what it means to be human. But not everyone is skilled at building strong, authentic relationships. Credit professionals, however, have no choice but to become the best relationship managers in the financial world. No matter how long the relationship with a customer or how much product that customer buys from your company, each one should be treated as your number one customer and feel special.

Deciding whether to separate or combine credit and collection functions requires careful evaluation. A recent eNews poll revealed that 34% of departments separate credit and collection functions while 66% mix the two.