Two questions: Do you require your signature card to contain language on unclaimed property so you can charge a fee or cease the payment of interest and 2) When are we required to place the account on dormant status? Currently, our system is switching after 12 months of no activity but I noticed the state law talks about 2 years.
Thank you.

Chapter 717 of the Florida covers abandoned property. I believe that it only covers when to remit such property to the state. Your organization will have set something shorter as a "dormant" account period. Your contract (read here signature card and/or disclosure) must disclose any fee in order for you to collect it. It should also indicate your banks defination of dormant (i.e. when the fee will start).

Usually, the dormancy starts after 12 months of inactivity, and it is disclosed in the Schedule of Fees.