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 maintaining diligence as well as updating processes and procedures. This two-hour webinar 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 the authority to open and transact on the account during the lifetime and at the death of a signer.
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.
This two-hour webinar focuses on the risks, procedures, best practices, and compliance requirements for opening personal and consumer accounts.
6-Step Account Opening Process
TIN Compliance
Personal Account Ownership Overview
Personal/Consumer Account Difficult Scenarios
Opening Accounts for Minors – UTMA
Who Can Access An Account During Lifetime And At Death
Power Of Attorney
Opening New Accounts Part 2: Business Accounts
This two-hour webinar examines not only the documentation requirements on business entities available in most states but also provides clarity on how to identify who has the authority to open and transact on behalf of the entity.
Business Account Documentation
Resolutions – Purpose and Proper Completion
Business Taxation Options and Why We Have To Care
Sole Proprietorships
General, Limited, Limited Liability, and Limited Liability Limited Partnerships
Limited Liability Company and Series LLC
Determining LLC Business and Tax Classification
Profit and 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
Opening New Accounts Part 3: Trust and Fiduciary
This two-hour webinar delves into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to trust, fiduciary, and minor accounts not only during lifetime but at the death of a signer as well.
Defining Trustee, Personal Representative, and Fiduciary Roles and Responsibilities
TIN Compliance for Trust, Minor and Fiduciary Accounts
Proper Account Titling
Formal vs. Informal Trust Comparison
Key Questions to Ask When Setting Up Trust Accounts
Six Pieces of Required Information For all Trust Accounts
Revocable vs. Irrevocable Trust Accounts
Payable on Death (POD)
As Trustee For, In Trust For, Totten Trusts
Minor Accounts
Court Ordered Accounts
Roles and Responsibilities of a Personal Representative
Understanding Estate Accounts
Guardianship/Conservator Accounts
Social Security Representative Payee
Veteran’s Affairs Fiduciary
What You’ll Learn
Each webinar will offer best practices and techniques you can implement in your organization.
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