Opening New Accounts Part I: Personal/Consumer Accounts

This two-hour workshop focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts.

Recorded Wednesday,
March 2nd, 2022
Presented by Suzie Jones
2h total length
2 CAMS & 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. View Series Pricing.

Opening new accounts is complicated! With fraudulent activity at an all-time high and ongoing onerous regulatory oversight and scrutiny, the need for new account training is paramount to maintain diligence as well as update processes and procedures. This two-hour workshop, which is Part I of a three-part series, focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts. Attendees will gain an understanding of proper documentation requirements, ownership options, proper account titling and who has authority to open and transact on the account during lifetime and at the death of a signer. Part II of this three-part series encompasses Business Accounts, and Part III addresses Trust and Fiduciary Accounts.

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

The "Opening New Accounts Part I: Personal/Consumer Accounts" webinar has been approved for 2 CAMS credits. Credits are redeemable for Live attendance only. Users must connect to the webinar individually and enter their name and email for reporting purposes. Accreditation is valid for one year from the date of the event.

What You'll Learn

Managing Risk For the Financial Institution

  • How to Avoid Litigation, Regulatory Fines, and Damage to Your FI’s Reputation
  • Understanding Your FI Terms and Conditions
  • Best Practice When All Parties Are Not Present at Account Opening or Closing
6-Step Account Opening Process - CIP Requirements

  1. How to Determine the Proper Account Title
  2. Customer ID
  3. Verify Previous Financial History
  4. Comparison with Government Lists - OFAC
  5. Client Notification/Disclosure
  6. Proper Tax Identification Number
TIN Compliance

  • FI Request for TIN Certification (W9)
  • Certifying a TIN for a Foreign Person (W8-BEN)
  • Backup Withholding – What Is It and When Is It Required?
  • Avoiding B-Notice Fines

  • Personal Account Ownership Overview
  • Individual/Single Party Accounts
  • Joint/Multiple Party Accounts
  • With and Without Right of Survivorship
  • Agency/Convenience Signer Designation
  • Power of Attorney - In-House and Out-of-House
  • Payable on Death Accounts
Personal/Consumer Account Difficult Scenerios

  • Adding and Deleting Signers During Lifetime
  • Who can access an account during lifetime?
  • Who can remove a signer?
  • Who can access the account once FI is notified a signer has died?
  • Does ownership of an account change at the death of a signer?
  • When is the FI required to freeze a personal account?
Opening Accounts for Minors

  • Individual/Single Party Account for a Minor
  • Joint/Multiple Party Account with a Minor
  • Uniform Transfer to Minor Account (UTMA)

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

Opening New Accounts Part I: Personal/Consumer Accounts has been approved for 2 CAMS credits. Credits are redeemable for Live attendance only. Credit is for Live attendance only. Accreditation is valid for one year from the date of the event. For questions on certificates, please email support@oncourselearning.com.

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.