Opening New Accounts I – Legal Ownership of Consumer Accounts Webinar
Account title vs. ownership indicated vs. authorized signer on the legal document…Does it really matter on a personal account? You bet it does! It’s ALL about ownership vs. access, and who on the account has the authority to do what.
Webinar Description and Audience
Account title vs. ownership indicated vs. authorized signer on the legal document…Does it really matter on a personal account? You bet it does! It’s ALL about ownership vs. access, and who on the account has the authority to do what. We’re beyond the days where we let our accountholders tell US how they’re going to title accounts. When we look at a legal document, 4 points must be clear:
1.Who is the “owner” of the funds in the account?
2.Who just has “access” to the funds, and what is their capacity?
3.What do they want to happen to the funds while they are alive?
4.What do they want to happen to the funds when they die?
If there are any “gray areas” on the legal documentation, your financial institution may be dragged into court on even a small legal technicality.
We highly recommend you have a copy of your financial institution’s account agreements and/or signature card nearby to follow along.
This is Part 1 of a 3-part series.
Understanding Signature Card Contracts and Proper Account Opening Procedures for:
•Individual and Single Party Accounts
•Joint and Multiple Party Accounts with and without Rights of Survivorship
•Authorized Signers or Agents on Personal Accounts
•Power of Attorneys – In House Form and Out of House Form
•Minor accounts – using a minor’s SSN on a bank account. What does it mean?
Who Should Attend?
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing the new account area. Excellent for supervisors or officers who have authority to “waive” documentation requirements. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
Webinar Viewing Options
INCLUDES SEVEN DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. Participants can type and send their questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate in the same room.
SIX MONTH ONDEMAND VIDEO:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The weblink will be available to you (and anyone else in the company) for up to six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.