Minor Accounts Options & Transactions

Compliance Frontline & New Accounts Operations

On-Demand Webinar:

StreamedMay 2, 2023Duration90 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

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Do you have major questions about minor accounts?

Do you know when and whether the minor can access the account? What are the different account types? How are BSA and CIP woven into the process? What if the minor dies? Join us to learn the answer to these questions and best practices on minor accounts.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Differentiate account types for minors
Understand how Uniform Transfers to Minors Act accounts operate
Describe the requirements for setting up representative payee accounts involving minors
Explain how the Bank Secrecy Act customer identification requirements apply to minors
Determine whether minors have access to an account and how that may be achieved

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WEBINAR DETAILS

There are so many questions regarding minor accounts. Who can set one up? When are minors allowed to transact or prohibited from transacting? What about issuing ATM cards, debit cards, or checks? This webinar will explore the different types of minor accounts – UTMAs, informal or Totten trusts, accounts for minors with income from sports or entertainment, and more. In addition, it will tackle some of the stickier issues, such as whether to allow or require an adult as a joint accountholder, who has authority over a UTMA when a custodian dies, considerations for issuing access devices (cards and other EFT services), and what happens if the minor dies.

WHO SHOULD ATTEND?

This informative session is designed for new account representatives, tellers, branch managers, call center representatives, compliance staff, and auditors.

TAKE-AWAY TOOLKIT

Internet resource list
Sample procedures for minor accounts
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

Mary-Lou Heighes

Compliance Plus, Inc.

This Webinar Appears In

2023 New Accounts Series