Your source for the latest technology information of interest to credit unions across America.
Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.
Opening New Accounts Part I: Personal/Consumer Accounts
Opening new accounts is complicated! With fraudulent activity at an all-time high and ongoing onerous regulatory oversight and scrutiny, the need for new account training is paramount to maintain diligence as well as update processes and procedures. This two-hour workshop, which is Part I of a three-part series, focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts. Attendees will gain an understanding of proper documentation requirements, ownership options, proper account titling and who has authority to open and transact on the account during lifetime and at the death of a signer. Part II of this three-part series encompasses Business Accounts, and Part III addresses Trust and Fiduciary Accounts.
It is highly recommended that attendees have a copy of their financial institution's account agreement and signature card to use as a reference during the session.
- Managing Risk For the Financial Institution
- How to Avoid Litigation, Regulatory Fines, and Damage to Your FI’s Reputation
- Understanding Your FI Terms and Conditions
- Best Practice When All Parties Are Not Present at Account Opening or Closing
- 6-Step Account Opening Process - CIP Requirements
1) How to Determine the Proper Account Title
2) Customer ID
3) Verify Previous Financial History
4) Comparison with Government Lists - OFAC
5) Client Notification/Disclosure
6) Proper Tax Identification Number
- TIN Compliance
- FI Request for TIN Certification (W9)
- Certifying a TIN for a Foreign Person (W8-BEN)
- Backup Withholding – What Is It and When Is It Required?
- Avoiding B-Notice Fines
- Accounts Personal Account Ownership Overview
- Individual/Single Party Accounts
- Joint/Multiple Party Accounts
- With and Without Right of Survivorship
- Agency/Convenience Signer Designation
- Payable on Death Accounts
- Personal/Consumer Account Difficult Scenerios
- Adding and Deleting Signers During Lifetime
- Who can access an account during lifetime?
- Who can remove a signer?
- Who can access the account once FI is notified a signer has died?
- Does ownership of an account change at the death of a signer?
- When is the FI required to freeze a personal account?
- Opening Accounts for Minors
- Individual/Single Party Account for a Minor
- Joint/Multiple Party Account with a Minor
- Uniform Transfer to Minor Account (UTMA)
Who Should Attend: Customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well.
Speaker: Suzette (Suzie) Jones, CFP® served as an Executive Vice President at a $50B regional financial institution where her responsibilities included the overall leadership and risk management of the $11B Investment Department which included the Trust Department. She was an active member of the organization’s Trust Committee, AML, BSA, Personal/Corporate, and Non-Bank Product Risk Committees. With over 40 years of experience in the financial industry, Suzie has focused her technical expertise on new account risk and investment management. Suzie brings technical information to life with her engaging training style, real life examples, and in-depth knowledge. She holds the Certified Financial Planner (CFP®) professional designation.
Opening New Accounts Part II: Business Accounts