Opening Complex New Accounts: 2-Part Series

This is a two-part series to be held on October 26th and 28th.

October 26, 2021
October 28, 2021
Presented by Suzie Jones
2h total length
5 CEU Credits
$509.00 or 2 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Deposit Accounts
  • Risk Management/Legal
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Credit Analyst
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Teller
  • Trainer
  • Trust Officer

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This is a two-part series to be held on October 26th and 28th. The prices above include all sessions. Each session can also be attended individually by clicking on the links below.

Series Details

Opening Complex New Accounts Part I: Business Accounts

This two hour Webinar examines not only the documentation requirements on business entities available in most states but provides clarity on how to identify who has authority to open and transact on behalf of the entity.

  • Business Account Documentation
  • Resolutions – Purpose and Proper Completion
  • Learn the Harsh Reality of How A Bank Lost $100,000 By Not Executing a Resolution Properly
  • Business Taxation Options and Why We Have To Understand Them When Opening An LLC
  • Sole Proprietorships; Married Couple Sole Proprietors
  • General, Limited, Limited Liability, and Limited Liability Limited Partnerships
  • Why Are There So Many Different Types of Partnerships Available and What is the Difference?
  • Limited Liability Company and Series LLC
  • Limited Liability Company – Why Has It Become The Most Popular Business Structure?
  • Determining LLC Tax Classification
  • Profit and Non-Profit Corporations
  • 501(c)(3) Non-Profit Corporations
  • Understanding Sub-Chapter S Corporations (S-Corps)
  • Non-Profit Associations, Social Clubs, and Charitable Organizations
  • Adding and Removing an Owner or Non-Owner as a Signer
  • Access to an Account at the Death of a Business Account Signer/Owner
  • FinCen - Beneficial Ownership Due Diligence Requirements
  • Documenting and FinCen Certifying Complicated Business Structures
  • TIN Compliance "Cheat Sheet" Included In Session

Opening Complex New Accounts Part II: Trust and Fiduciary

This two hour webinar will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary and Minor accounts not only during lifetime but at the death of a signer as well.

  • What is the Role and Responsibility of a Fiduciary?
  • What is the Bank's Responsibility When the Owner of an Account is Not Present?
  • TIN Compliance for Trust, Minor, and Fiduciary Accounts – SSN VS. EIN
  • Proper Account Titling
  • Trust Account Overview – Why Set Up a Trust?
  • Who Are The Parties to a Trust, and From Whom Can The Bank Take Direction?
  • Understanding the Authority and Limitations of the Parties to a Trust • Why are Living Trusts So Popular?
  • Which Bank Accounts Help Customers Avoid Probate?
  • Why Avoid Probate?
  • Six Key Pieces of Information Needed to Open a Trust Account
  • Does Your Bank Need/Want the Entire Trust Agreement?
  • Formal Revocable & Formal Irrevocable Trusts
  • Payable on Death Accounts (POD) / Totten Trusts
  • Power of Attorney – How can a bank protect itself when accepting an Out-Of-House POA?
  • Out-of-House POA Checklist Included
  • Uniform Transfer to Minor Account (UTMA) – Why Are Banks Reluctant to Offer?
  • Court Ordered: Estate, Guardianship, Conservatorship Accounts
  • Social Security Representative Payee and Veteran’s Affairs Fiduciary
  • TIN Compliance "Cheat Sheet" Included In Session

What You'll Learn

Opening Complex New Accounts Part I: Business Accounts
Opening business accounts can create angst! Sole Proprietorships owned by a married couple, LLCs owned by other entities, LLPs, General Partnerships, Limited Partnerships, and Corporations all can be quite complicated! Why are there so many different types of business entities? What is the securest way to determine who has the authority to transact on behalf of a business entity – especially when owed by another entity? Verifying if a business entity is legitimate and who has the authority to transact on behalf of an entity can be challenging. When can a business owner use an SSN vs. an EIN? When does a bank need a partnership agreement, bylaws, or operating agreement? How does FinCen fit into the picture? In this three-hour comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening complex business accounts. This session, although thorough and robust, is not state law specific.

Opening Complex New Accounts Part II: Trust and Fiduciary
Fiduciary accounts are complicated! Formal Revocable and Irrevocable Trusts, Living Trusts, POD, UTMA, POA, Court Ordered, Guardianship, Conservatorship, Rep Payee, and VA accounts represent a Fiduciary relationship and an element of risk if not handled properly. It never fails to raise the panic level when someone dumps a binder full of legal documents on your desk and requests to open a “Fiduciary” account. To compound the complexity, on many occasions, the actual owner of the funds is not present. This three-hour comprehensive webinar, which is Part II of a two-part series, will thoroughly discuss the responsibilities of collecting appropriate documentation, titling accounts correctly, and allowing proper access to Fiduciary accounts not only during life but also at the death of a Fiduciary.

It is highly recommended you have a copy of your financial institution's account agreement and signature card to use as a reference during the sessions.

Who Should Attend

Customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well.

Suzie Jones

Instructor Bio

With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 13 state bank associations.

Continuing Education Credit Information

Recommended for 5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.