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Opening New Accounts Part II: 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.

OnDemand
Recorded Thursday,
March 10th, 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 2 only. View Series Pricing.

Opening business accounts can create angst! Sole Proprietorships owned by a married couple, LLCs, LLPs, General Partnerships, Limited Partnerships, Corporations, Escrow Accounts, and Political Organizations! 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 owned by another entity? Verifying if a business entity is legitimate and who has the authority to transact business on behalf of that entity can be challenging. When can a business use the owner's SSN vs. an EIN? When does a bank need a partnership agreement, bylaws, or operating agreement? FinCen requirements will be addressed. In this two hour comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening business account. This session is not state law specific.

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. To customize the course to state law, the FI may want to access the Secretary of State’s website to review documentation requirements on forming business structures in your state.

The "Opening New Accounts Part II: Business 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. To receive a certificate, email bankwebinars@oncourselearning.com.

What You'll Learn

  • Business Account Documentation
  • Resolutions – Purpose and Proper Completion
  • Learn the Harsh Reality of How Our Bank Lost $100,000 By Not Executing a Resolution Properly
  • Business Taxation Options and Why We Have To Care
  • Sole Proprietorships
  • General, Limited, Limited Liability, and Limited Liability Limited Partnerships?
  • Why Are There So Many Different Types of Partnerships Available?
  • Limited Liability Company and Series LLC 
  • Limited Liability Company – Why Has It Become The Most Popular Business Structure?
  • Determining LLC Business and 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 at the Death of a Business Account Signer/Owner
  • FinCen - Beneficial Ownership Due Diligence Requirements
  • Documenting 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 well 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.

Continuing Education Credit Information

Opening New Accounts Part II: Business 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.

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