Closing or Changing Deposit Accounts for Consumers & Businesses

10:00 am – 11:30 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

Financial institutions routinely open accounts for consumers and businesses and the rules for providing account disclosures, account agreements, and signature cards are well established. However, the legal and compliance issues involved with closing accounts are often more complicated. Why? Because there are wide-ranging situations, including accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two focal areas. First will be the challenges of closing or changing consumer accounts. Second will be specific complexities regarding various ownership categories of business accounts.

Continuing Education:   Attendance verification for CE credits upon request

HIGHLIGHTS

• Consumer account basics
  • Joint accountholder issues – who has authority to change and close an account?
  • Best practices for changing signers and signature card basics
  • Handling checks made payable to a deceased person
• BSA issues
  • Closing an account for failing to provide required CIP documentation
  • Closing an account for suspicious activity (FinCEN guidance and working with law enforcement)
  • Best practices for closing consumer and business accounts and related BSA exam procedures
• Business account basics
  • CIP rules for business accounts
  • Opening, changing, and closing sole proprietor, partnership, LLC, and corporate accounts
  • New rules for beneficial ownership began May 11, 2018, and apply to legal entity customers
• Death of a business owner and types of business ownership categories
  
  
• TAKE-AWAY TOOLKIT
  • Account owner/authorized signer information worksheet
  • New account checklist
  • Checklist for CIP acceptable identification
  • Federal garnishment notice form
  • Account closure form letter
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

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

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.