Opening New Accounts Part 1: Personal/Consumer Accounts Webinar
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.
Webinar Description and Intended Audience
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
- How to Determine the Proper Account Title
- Customer ID
- Verify Previous Financial History
- Comparison with Government Lists – OFAC
- Client Notification/Disclosure
- Proper Tax Identification Number
- 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.
Webinar Viewing Options
INCLUDES 7 DAYS OF UNLIMITED ONDEMAND PLAYBACK! With this option, you will participate in the webinar live, via the internet. 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. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
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 a very effective training tool. The OnDemand Video will be available to you (and anyone else in the company) for 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 any applicable handouts and a CD-ROM (featuring the full-color PowerPoint presentation with audio) via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.
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.