Financial institutions routinely open deposit accounts for consumers and there are well-established rules for providing account disclosures, deposit agreements, and signature cards. However, the legal and compliance issues involved with closing accounts are often more complicated because situations can include accountholder death, suspected fraud or money laundering, disputes between account owners, levy requests, etc. This session will focus on two areas: first, the challenges of closing or changing consumer accounts and second, the specific complexities regarding various deposit account ownership categories.
- Joint accountholder issues – learn who has authority to change and close an account
- Best practices for changing signers and signature card basics
- Issues when an accountholder dies – review of deposit ownership categories, notices, rules for handling checks made payable to a deceased person, and general rules for U.S. Treasury check items
- BSA issues
- Closing an account for failing to provide required CIP documentation
- Closing an account if suspicious activity is detected (FinCEN guidance and working with law enforcement)
- Best practices for closing consumer and business accounts and related BSA exam procedures
- Elder financial exploitation
- Account owner/authorized signer information worksheet
- New account checklist
- Checklist for acceptable identification
- Authorization to close account form and checklist
- Death notification form and procedures for consumer accounts
- Federal garnishment notice form
- Account closure form letter
- Employee training log
- Interactive quiz
WHO SHOULD ATTEND?
This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations, BSA/CIP staff, and anyone who works with or manages the new account function.
PLEASE NOTE: The live webinar option allows you to have one internet connection (from a single computer terminal). You may have as many people as you like listen and watch from your office computer.
ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs
Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.