Legal Issues of New Account Documentation
Managing risk is the #1 priority for all financial institutions and it all starts at the new account desk. Well-trained bankers who recognize and stop attempted dishonest activity are the first line of defense in protecting a financial institution from fraudsters. Unfortunately, too often, new account personnel are trained “on the job” which can result in an environment of potential vulnerability and unnecessary losses. Additionally, with constant new regulations, the need for ongoing training is paramount in order to maintain diligence as well as update processes and procedures.
This full day workshop teaches vital account opening procedures, regulatory and compliance requirements while focusing on essential information needed for every new account. This includes proper identification and the correct TIN as well as the fundamental questions that should be answered by every potential accountholder: What is the purpose of the account? Who owns the funds? Who will have access to the funds during lifetime and at death? Who can legally represent a business entity? The seminar manual is customized to your state law and has become known as the “technical reference handbook” for new account departments across the country.
What You Will Learn
- Understanding Signature Card Contracts and the Impact on a Customer’s Estate Plan
- TIN Compliance –Thorough Discussion of SSN vs. EIN and W-9 vs. W-8BEN
- Proper Business Account Documentation and Resolutions:
- Sole Proprietorships, General and Limited Partnerships, Corporations, LLC and LLP Entities
- Non-Profit Associations and Charitable Organizations
- Opening Individual Accounts; Adding Authorized/Convenience Signers or Agents
- Joint Accounts With Rights of Survivorship and Tenants-In-Common Without Rights of Survivorship
- Power of Attorneys – Using an In-House Form vs. Accepting an Out-of-House Form
- Formal Trust Accounts – Difference Between Revocable and Irrevocable Trusts; Opening Living Trusts
- Informal Trust Accounts – Pros and Cons of POD and Revocable Trustee Accounts
- Opening Accounts For Minors – Joint Accounts vs. Uniform Transfer To Minors Act Accounts
- Estate and Court Ordered Accounts: Handling Deceased Accountholders, Guardianships and Conservatorships
Who Should Attend
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have recently assumed the responsibility of the new account area but perhaps have never worked in new accounts. Internal Auditors and Compliance Officers will find the information exceptionally beneficial.
You are encouraged to bring a copy of your institution’s signature cards and account agreement to the workshop.