Changing or Closing Deposit Accounts for Consumers & Businesses
Opening deposit accounts for consumers and businesses is one thing. But the complexity and compliance issues ramp up when changes need to be made or an account needs to be closed. Situations range from death, to disagreement, to fraud, and beyond. Get the clarity you need to handle these complicated issues with confidence with this no-nonsense program.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Address the challenges of changing and closing consumer and business accounts
- Determine who has the authority to request account changes and closures
- Comply with beneficial ownership rules for due diligence, including account changes and closures
- Review best practices for completing account changes and closures
WEBINAR DETAILS
Financial institutions routinely open deposit accounts for consumers and businesses and the rules for providing account disclosures, deposit agreements, and signature cards are well established. However, the legal and compliance issues involved with closing accounts are often more complicated. Why? Because they may involve sticky situations such as accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two focal areas: the challenges of closing or changing consumer accounts and specific complexities regarding various ownership categories of business deposit accounts.
WHO SHOULD ATTEND?
This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations professionals, BSA CIP staff, and anyone who works with or manages the new account function.
