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
Financial institutions routinely open deposit accounts for consumers and there are well-established rules for providing account disclosures, deposit agreements, and signature cards. However, the legal and compliance issues involved with closing accounts are often more complicated because situations can include accountholder death, suspected fraud or money laundering, disputes between account owners, levy requests, etc. This session will focus on two areas: first, the challenges of closing or changing consumer accounts and second, the specific complexities regarding various deposit account ownership categories.
Attendance certificate provided to self-report CE credits.
- Joint accountholder issues – learn who has authority to change and close an account
- Best practices for changing signers and signature card basics
- Issues when an accountholder dies – review of deposit ownership categories, notices, rules for handling checks made payable to a deceased person, and general rules for U.S. Treasury check items
- BSA issues
- Closing an account for failing to provide required CIP documentation
- Closing an account if suspicious activity is detected (FinCEN guidance and working with law enforcement)
- Best practices for closing consumer and business accounts and related BSA exam procedures
- Elder financial exploitation
- TAKE-AWAY TOOLKIT
- Account owner/authorized signer information worksheet
- New account checklist
- Checklist for acceptable identification
- Authorization to close account form and checklist
- Death notification form and procedures for consumer accounts
- Federal garnishment notice form
- Account closure form letter
- Employee training log
- 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, BSA/CIP staff, and anyone who works with or manages the new account function.
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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.