Opening New Accounts: Documentation and Compliance Requirements - 3 Part Series

This webinar series will cover the opening of various types of accounts, including Personal and Consumer, Business, Fiduciary, Trust, Minor, and Court Ordered accounts.

November 1, 2023
November 2, 2023
November 3, 2023
Presented by Suzie Jones
2h total length
$769.00 or 3 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • CRA Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Fraud
  • General Compliance
  • Risk Management/Legal
  • Teller
  • Transaction Compliance
  • Trusts
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Commercial Lender
  • Community Reinvestment Act Officer
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Marketing Officer/Business Development
  • Mortgage Lender
  • New Accounts Representative
  • Risk Manager
  • Senior Management
  • Small Business Lender
  • Teller
  • Training Manager
  • Trainer
  • Trust Officer

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Series Details

Opening New Accounts Part 1: Personal and Consumer Accounts

Well-trained bankers who recognize and stop attempted dishonest activity are the first line of defense in protecting a financial institution from fraudsters. Unfortunately, new account personnel are too often trained "on the job," which results in an environment of potential vulnerability and unnecessary losses for the bank. This comprehensive training focuses on providing new and experienced bankers with the knowledge and tools needed to protect the bank when opening personal and consumer accounts. 

  • Customer Identification Program (CIP) Requirements
  • Comparison with Government Lists (OFAC)
  • W-9 IRS SSN/ITIN Certification
  • New IRS W-8BEN FTIN (Foreign Tax Identification Number)
  • Single-Party and Multiple-Party Ownership
  • With Right of Survivorship vs. Without Right of Survivorship
  • Adding an Authorized Signer Designation
  • Understanding Power of Attorney Arrangements

Opening New Accounts Part 2: Business Accounts

Whether because of the complexity or the lack of frequency, opening business accounts seems to create the most angst for many bankers. Seminar participants gain confidence and a clear understanding of the regulatory, compliance, and overall documentation requirements for opening business accounts. With over 50 years of experience, Suzie Jones has a reputation for empowering new account representatives with the skills and tools to protect their organization while, at the same time, focusing on providing quality customer service. 

  • Who has the legal right to represent each business structure?
  • External documentation - County and Secretary of State
  • When must a bank require a partnership agreement, operating agreement, minutes, or bylaws?
  • Which business structures are required to obtain an EIN, and which may use an SSN?
  • Sole Proprietorships | General Partnerships (GP) | Limited Partnerships (LTD) | Limited Liability Partnerships (LLP) | Limited Liability Limited Partnerships (LLLP) | Limited Liability Company (LLC) and Series LLC (LLC/SLLC) | Profit and Non-Profit Corporations
  • Process for removing an owner or non-owner as a signer on a business account
  • Who can access a business account at the death of a business owner or authorized signer?
  • Documenting complex business structures (Business Owned By Other Businesses)

Opening New Accounts Part 3: Fiduciary, Trust, Minor, and Court Ordered Accounts

An individual identifying themselves as a "fiduciary" wanting to open an account on behalf of the estate of a deceased individual, minor child, incapacitated individual, or formal trust can create much angst, mainly because the funds' owner is often absent. This two-hour webinar answers critical questions and concerns regarding documentation and compliance regulations when opening accounts for trustees, personal representatives, and fiduciaries. 

  • Defining a Trustee, Personal Representative, and Fiduciary’s Roles and Responsibilities
  • TIN Compliance and Documentation Requirements for Trust, Minor, and Fiduciary Accounts
  • Parties to a Trust
  • Formal vs. Informal Comparison
  • Revocable and Irrevocable Trust Accounts Comparison
  • Key Questions to Ask When Setting Up Trust Accounts
  • Payable on Death (POD)
  • Single, Individual, Joint, or Multiple Account in a Minor’s Name
  • Uniform Transfer to Minor’s Account (UTMA)
  • Roles and Responsibilities of a Personal Representative
  • Understanding Estate Accounts -Small Estate (Non-Probate) Accounts
  • Guardianship/Conservator Accounts
  • SSA/SSI Representative Payee/Veterans Affairs Federal Fiduciary
  • New FDIC Insurance Rules For Trust Accounts Effective 4/1/2024

What You'll Learn

Each webinar in the series will cover specific topics relative to the subject matter.

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 17 state bank associations.