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.

View Delivery Options

Related Topics


Suzie Jones
Suzie Jones

Suzie Jones relates to her audience. For decades, Suzie opened new accounts, managed new account teams, and provided hands-on input to the AML and BSA Committees within the bank. With over 45 years of... read more.

Course TitleCreditsStart DateStart TimeDelivery TypeDelivery OptionInstructor / LocationPrice
Opening New Accounts Part 1: Personal/Consumer Accounts0.25 Any AnyWebinarSix Month On-Demand Recording Suzie Jones$295.00 Register Now
Opening New Accounts Part 1: Personal/Consumer Accounts0.25 Any AnyWebinarCD-ROM Video Recording Suzie Jones$345.00 Register Now
Delivery Options

INCLUDES 7 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. 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!

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.

Powered by
    Your Cart
    Your cart is emptyCourses and Events