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Opening New Accounts Training Program

This comprehensive course is tailored to equip new account and customer service representatives with the essential tools, deep insights, and a clear understanding of the compliance and documentation requirements needed to excel in successfully opening new accounts.

OnDemand
DATE

Thursday, May 15, 2025
Monday, May 19, 2025
Thursday, May 22, 2025

INSTRUCTOR

Matthew Dickinson

DURATION

2 Hours

FORMAT

Training Program

$1,850.00 or 8 Tokens

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • General Compliance
  • Risk Management/Legal
  • Teller
  • Trusts
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Senior Management
  • Teller
  • Training Manager
  • Trainer
  • Trust Officer

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Whether you’re just starting your career or seeking to elevate your expertise, this session is designed to empower financial services professionals at all levels. Don’t miss this opportunity to become a trusted advisor to your customers by mastering the essential skills in opening new accounts. Whether you’re handling simple consumer accounts or navigating the complexities of business and trust accounts, this course will give you the confidence to excel.

We’ve broken down the most essential elements of account opening into three engaging and highly informative sessions. Each session focuses on key aspects of opening new accounts, ensuring that you are fully prepared to meet the needs of every customer.

The cutting-edge format for this comprehensive course is designed to keep you engaged through blended self-paced learning, combining the flexibility of independent study with the value of live, interactive sessions. You’ll start by diving into the coursework at your own pace – working through readings and quizzes whenever it suits you.

Once you’ve completed the self-paced portion of the course, you’ll join an exciting, instructor-led session where the material comes to life. Here, you’ll engage in group discussions, ask your burning questions, and explore the concepts in greater depth. Live attendance is a must to get the most out of this engaging training opportunity. Breakout rooms will not be recorded. Space is limited to 30 participants for a high-value learning experience, so register today!

Included Webinars

  • Opening New Accounts Training Program - Part 1
  • Opening New Accounts Training Program - Part 2
  • Opening New Accounts Training Program - Part 3

Series Details

Opening New Accounts Training Program - Part 1

This session kicks off with an essential Regulatory Overview, diving into the vital regulations that shape account openings, including the USA PATRIOT Act, KYC, BSA, and AML laws. Understand the driving force behind these rules, from FinCEN's Beneficial Ownership requirements to FDIC insurance policies. Then, explore the Six Steps to Opening a New Account, which is designed to streamline processes like customer identification, validating banking history, and OFAC compliance. Finally, get an in-depth look at Consumer Account Ownership, emphasizing the significance of these account ownerships and their potential impact on a customer's will and ultimate estate planning. You will also learn about the effect of adding an authorized signer and the role of Powers of Attorney. By the end of this session, you'll be equipped to open consumer accounts while confidently adhering to all regulatory standards.

Section 1 - Regulatory Overview

  • USA PATRIOT ACT
  • Customer Identification Program (CIP)
  • Customer Due Diligence (CDD)
  • Know Your Customer (KYC)
  • Bank Secrecy Act (BSA)
  • Anti-Money Laundering (AML)
  • FinCEN Beneficial Ownership Rules
  • FDIC Insurance & Disclosure Requirements

Section 2 - Six Steps to Opening a New Account

  • Identify and verify customers with proper identification
  • Use the correct account titling
  • Verify previous banking history
  • Obtain the proper TIN
  • Validate against government lists - OFAC (Office of Foreign Asset Control)
  • Provide regulatory disclosures

Part 3 - Consumer Account Ownership - Authorized Signers and Power of Attorneys

  • Understanding account ownership and how it impacts estate planning and probate
  • Individual and joint account ownership options
  • How to add non-owners (authorized signers)
  • Understand Power of Attorney roles and purpose

Opening New Accounts Training Program - Part 2

Master the complexities of business account openings by setting a strong foundation of understanding the unique features of various business structures by diving into the diverse world of Business Structures, Taxation, and Proper TIN, conquering everything from sole proprietorships to LLCs and corporations. Understand why business owners choose specific structures, how the way a business is taxed impacts the required TIN, and when to use SSNs versus EINs. Learn the Essential Business Documents needed to open business accounts, from external documentation provided by a county or state authority to ensuring proper internal resolutions and signature cards are in place. Gain confidence in opening Basic Business Accounts, such as sole proprietorships and non-profits, before advancing to Complicated Business Accounts, where you'll navigate LLPs, LLCs, and corporate accounts with ease. Finally, tackle Advanced Business Topics like documenting multi-layered businesses and verifying Beneficial Ownership (BO) for complex organizations. This training will empower you to confidently handle any business account scenario, from the straightforward to the most intricate.

Section 1 - Business Structures, Business Taxation and Proper TIN

  • Overview of the multitude of business structures from Sole Proprietorship, LLCs, Corporations, and more
  • Understand why a business owner would choose one business structure over another
  • Understand how specific business structures limit an owner's exposure to their businesses' debts and legal claims
  • How businesses are taxed and how it directly impacts the required TIN
  • Understanding when companies can use SSNs vs. EINs

Section 2 - Business Accounts - The Role & Importance of External and Internal Documentation

  • How a business is formed at the county and state level
  • The difference between documentary and non-documentary verification
  • What is a good standing certificate, and why is it important?
  • What documents are needed to open accounts for foreign entities
  • What is a DBA (Doing Business As)
  • Necessary paperwork to update changes in a business structure's ownership
  • How an EIN IRS letter can be helpful in verifying a business
  • The critical importance of bank signature cards and resolutions
  • Risk of not having a properly executed resolution prior to opening a business account

Section 3 - Business Accounts - Basic Business Accounts

  • Sole Proprietorships, General and Limited Partnerships
  • Non-profit organizations, IOLTA accounts, and Public Funds

Section 4 - Business Accounts - Complicated Business Accounts

  • Opening accounts for LLPs, LLLPs, LLCs, and Corporations
  • Managing accounts when owners or authorized signers pass away

Section 5 - Business Accounts - Advanced Business Accounts Topics

  • Opening and documenting multi-layered business structures
  • Verifying Beneficial Ownership (BO) for complex organizations

Opening New Accounts Training Program - Part 3

We will elevate your expertise in handling Fiduciary Accounts, from court-ordered guardianships, conservatorships, and estate accounts to voluntary fiduciaries like Social Security Rep Payee and Veterans Affairs Fiduciaries. Learn the steps for adding or removing signers on court-controlled accounts and discover the advantages of UTMA accounts for minors. To open Trust Accounts, you'll need to be well-versed in both formal and informal trusts, understand the benefits of trusts and their key parties, and distinguish revocable vs. irrevocable trusts. In this session, you'll become proficient in obtaining the necessary trust documentation, knowing whether you need the entire trust agreement, and navigating popular living and testamentary trusts. Stay ahead of the curve with the latest 2024 FDIC Trust Account Rules and ensure your customer's needs are met with precision and compliance.

Section 1 - Fiduciary Accounts

  • Understanding the purpose of court-ordered Guardianships, Conservatorships, and Estate Accounts and who has authority
  • The control of a court order and the role it plays when opening fiduciary accounts
  • Adding or deleting signers to a court-ordered account
  • The function of voluntary fiduciaries: Social Security Rep Payee & Veterans Affairs Federal Fiduciary
  • Opening accounts for minors – Uniform Transfer To Minors Act account (UTMA)

Section 2 - Trust Accounts

  • Understanding the benefits of a trust and its three key parties
  • Navigating formal vs. informal trusts
  • Identifying revocable and irrevocable trusts
  • Obtaining proper trust documentation – does the bank need the entire trust agreement
  • Why are living trusts so popular
  • Purpose and role of a testamentary trust
  • New 2024 FDIC Trust Account Rules

What You'll Learn

  • Understanding the fundamentals of consumer accounts
  • Navigating the intricacies of complex business structures
  • Maneuvering trust, estate, and fiduciary accounts
  • Gaining the confidence and knowledge needed to open new accounts like a pro
  • Ensuring regulatory compliance
  • Focusing on managing risk while simultaneously delivering exceptional customer service

Who Should Attend

This session is ideal for anyone responsible for customer-facing roles, particularly those involved in new accounts, customer service, and compliance. This includes tellers, personal bankers, account managers, branch managers, and compliance officers. Additionally, any staff responsible for opening and verifying new accounts, handling customer documentation, or ensuring regulatory compliance with rules such as KYC, CIP, and AML would benefit significantly from this training.

Matthew Dickinson

Instructor Bio

With almost two decades of banking experience ranging from opening new accounts and IRAs, lending, managing operational and lending teams, and serving in key executive management positions - Matt knows the benefit of strong frontline training and its role in managing operational, regulatory, and reputational risk. Effective 2024, Suzie Jones retired after five decades in the financial industry. Matt acquired Training Resources with the commitment to continuing the new account training programs and materials Suzie developed, recognized for its customization to state law and as one of the industry's most outstanding and comprehensive resources.
Matt is known for his expertise, approachability, sense of humor, and passion for providing knowledge to bankers so they can serve their banks' customers confidently while managing risk. He provides training through 16 State Bank Associations and nationally through OnCourse Learning, a web-based training platform. Matt enjoys family time with his wife and four daughters, cooking, and has completed three full Ironman triathlons, a testament to his dedication and patience; traits bankers can expect to experience when they interact with Matt.

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