Opening New Accounts Part 1: Personal/Consumer Accounts Webinar

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.

Covered Topics:

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 Scenarios

  • 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.

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.

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