Changing or Closing Deposit Accounts for Consumers & Businesses
On-Demand Webinar:
StreamedAug 27, 2024Duration90 minutes
- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Opening deposit accounts for consumers and businesses is one thing.
But the complexity and
compliance issues ramp up when changes need to be made or an account needs to
be closed. Situations range from death, to disagreement, to fraud, and beyond.
Get the clarity you need to handle these complicated issues with confidence
with this no-nonsense program.
AFTER THIS
WEBINAR YOU’LL BE ABLE TO:
- Address the challenges of changing and closing consumer and business accounts
- Determine who has the authority to request account changes and closures
- Comply with beneficial ownership rules for due diligence, including account changes and closures
- Review best practices for completing account changes and closures
WEBINAR DETAILS
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 they may involve sticky situations such as
accountholder death, suspected fraud or money laundering, disputes between
account owners, and requests to levy funds. This session will address two focal
areas: the challenges of closing or changing consumer accounts and specific
complexities regarding various ownership categories of business deposit
accounts.
WHO SHOULD ATTEND?
This informative session
is designed for new accounts representatives, call service representatives,
branch managers, assistant branch managers, branch administration, deposit
operations professionals, BSA CIP staff, and anyone who works with or manages
the new account function.
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
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission,
or republishing of any webinar to other institutions or those not employed by
your institution is prohibited. Print materials may be copied for eligible
participants only.
Presented By
Compliance Training & Consulting for Financial Institutions
© 2024 FINANCIAL EDUCATION & DEVELOPMENT, INC
