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.

Recorded Tuesday,
October 26th, 2021
Presented by Suzie Jones
2h total length
2.5 CEU Credits
$279.00 or 1 Token

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 for Part 1 only. For series pricing, CLICK HERE.

For most new account representatives and personal bankers, opening business accounts creates the most angst! Verifying if a business entity is legal and who has the authority to transact on behalf of the entity can be complicated. In this comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, and documentation requirements for opening business accounts. Although not customized to state law, this session will provide a comprehensive understanding of what is required by your state.

Our presenter, Suzette "Suzie" Jones, CFP®, is known nationally as being extremely knowledgeable with a unique ability to take technical information and make it interesting and applicable. The detailed and thorough PDF of Suzie's PowerPoint presentation is included in the registration and serves as an invaluable resource and guide for writing policies and procedures.

It is highly recommended that attendees have a copy of the financial institution's account agreement, signature card, and resolutions to reference during the session.

Covered Topics

  • 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

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 at least 85% of this information also impacts the lending area.

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.

Credit Information

Recommended for 2.5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.