Tuesday
Sep 10
2019

Managing Minor Accounts: Withdrawals, Transfers, CDD, Closing & Best Practices

Registration Options & Pricing

Please select your membership status.


Live Webinar Includes

  • One connection to the Live Webinar
  • Handout and Take-Away Toolkit
  • Available on Desktop, Mobile & Tablet
  • Presenter’s Contact Info for Follow-Up

Recorded Webinar Includes

  • Recording of the Live Webinar
  • Available 6 business days following Live date
  • Available for 6 months following Live
  • Handout and Take-Away Toolkit
  • Available on Desktop, Mobile & Tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your credit union
  • Presenter’s contact info for follow-up
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9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET

In today’s competitive environment, financial institutions must develop deposit products that cover a broad spectrum of interests and ages. This session will cover three critical areas for opening minor accounts:

  1. How funds are owned
  2. Proper execution of account-opening documents
  3. How access to the funds should be controlled during the life of the account

Many states have established laws defining the legal ownership of minor accounts, including Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) accounts. Although state-specific statutes will not be covered, this session will address key challenges and offer practical solutions for opening minor accounts.

Attendance certificate provided to self-report CE credits.

HIGHLIGHTS

  • Deposit account options for minors, including savings, UTMA, and joint accounts
  • What questions should be asked at account opening?
  • Documentation requirements, including signature card completion and account changes
  • Who is authorized to make changes and withdraw funds?
  • What if the minor child or UTMA custodian dies?
  • Online access considerations
  • BSA, CIP, and CDD rules
  • Red flags for potential fraud and money laundering with minor accounts

  • TAKE-AWAY TOOLKIT
    • Account opening worksheet for savings, UTMA, and joint accounts
    • CIP workflow for minor accounts, including documenting the “customer” under the rules
    • List of trouble spots for these account types
    • Potential SAR filing reasons for minor accounts
    • Account closing checklist
    • Employee training log
    • NEW – Interactive quiz

WHO SHOULD ATTEND?

This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations staff, BSA/CIP staff, and anyone who works with or manages the new accounts function.

RELATED

"Managing Accounts & Records for Nonresident Aliens:
Opening, Identifying, Monitoring & Tax Reporting"

Tuesday, July 2, 2019

"Personal Accounts: Ownership, Authorization, Titling & Documentation"
Tuesday, October 29, 2019

 

NOTE:  All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

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Compliance Consulting and Training for Financial Institutions
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