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 deposit accounts for consumers and businesses and the rules for providing account disclosures, deposit 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 situations ranging from accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two areas. First will be the challenges of closing or changing consumer accounts. Second will be specific complexities regarding various ownership categories of business deposit accounts.
Attendance certificate provided to self-report CE credits.
- Consumer account fundamentals
- Joint accountholders – who has authority to change or close an account?
- Best practices for changing signers and signature card
- When an accountholder dies – notices and handling checks and 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
- Best practices for closing consumer and business accounts and related BSA exam procedures
- Business account essentials, including the four typical ownership categories and common challenges
- CIP rules, including beneficial ownership
- Basic requirements to open, change, and close accounts for sole proprietors, partnerships, LLCs, and corporations
- Death of a business owner
- TAKE-AWAY TOOLKIT
- Account owner/authorized signer information worksheet
- New account checklist
- Checklist for CIP acceptable identification
- Authorization to close account form and checklist
- Death notification form for consumer accounts and procedures
- Federal garnishment notice form
- Account closure form letter
- Employee training log
- Interactive quiz
WHO SHOULD ATTEND?
This informative session is designed for new account representatives, 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.