Those who open new accounts must master many areas. They have to be well versed in multiple account types and titles – both consumer and business, proper identification, required documentation, signing authority, and access for each type, in order to explain the various products to accountholders so they can make the best choice for their needs.
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In order to satisfy accountholders, protect the institution, and allay examiner concerns, you must know the accountholders’ rights and responsibilities and understand the regulatory compliance requirements. This series will address account opening basics for consumers and businesses, plus more complex issues like ownership types and required documentation. Account opening details for nonprofit organizations and nonresident aliens will be included.
- Regulatory Alphabet for Deposit Accounts
- 20 Legal Types of Accounts: Ownership, Documentation & CIP
- Business Account Documentation
- Opening Accounts for Nonprofit Organizations
- Adverse Action at Account Opening: Reporting & Documentation
- Opening Accounts for Nonresident Aliens
Session Dates & Descriptions
Morning webinars start at: 8 AM Pacific – 9 AM Mountain – 10 AM Central – 11 AM Eastern
Afternoon webinars start at: Noon Pacific – 1 PM Mountain – 2 PM Central – 3 PM Eastern
Click on presenters’ names below for more information.
August 4, 2021 (Afternoon)
Regulatory Alphabet for Deposit Accounts
Michael Christians, Michael Christians Consulting, LLC
This jam-packed session will cover the key “alphabet” regulations that must be considered when opening new deposit accounts. This information-intensive session will address these issues:
- The BSA’s CIP (identification) and CDD (due diligence) requirements
- Funds availability and exception holds rules for new accounts under Regulation CC
- Regulation E’s rules governing initial disclosures, issuance of access devices, and opting in for overdraft services
- The initial privacy notice required by Regulation P
- New account disclosures required by the Truth in Savings Act
September 8, 2021 (Morning)
20 Legal Types of Accounts: Ownership, Documentation & CIP
Deborah Crawford, Gettechnical Inc.
Learn how to set up 20 legal ownership types on your signature cards, systems, and resolutions. Personal accounts, minor accounts, fiduciary accounts, and business accounts will be covered. This comprehensive program will help you implement new account procedures for your institution. What documents should you have for each? What CIP will you run? What are the proper disclosures? These questions and more will be answered during this program designed for new account professionals and deposit support staff.
September 23, 2021 (Afternoon)
Business Account Documentation
Dawn Kincaid, Brode Consulting Services, Inc.
Opening even a basic business checking account can involve considerable time, paperwork, and risk! Every accountholder’s situation is different, and uncertainty abounds regarding account ownership, required identification, and appropriate due diligence.
The business owner/representative must be made aware of the products and services your institution has to offer. Staff must comply with several regulatory requirements yet provide a positive experience for the client. Although this juggling act can be daunting, this jam-packed session will unpack the ownership and documentation details for businesses, estates, and trusts. Join us for a run through of the account opening process from starting blocks to finish line and all the curves in between. Several tools will be provided that will improve and streamline your process.
October 5, 2021 (Afternoon)
Opening Accounts for Nonprofit Organizations
Susan Costonis, Compliance Consulting and Training for Financial Institutions
Specific documentation is required to open accounts for nonprofit organizations. What questions should be asked at opening? What CIP documentation is required for BSA compliance? Are nonprofits subject to the beneficial ownership rules? What documents are needed? What taxpayer ID number or EIN is required? Learn practical tips to confidently and compliantly open nonprofit accounts.
October 26, 2021 (Afternoon)
Adverse Action at Account Opening: Reporting & Documentation
Elizabeth Fast, Spencer Fane LLP
Most financial institutions believe that the Fair Credit Reporting Act (FCRA) only applies to “credit.” But it also applies to “deposit” accounts if the institution relied on information from a credit reporting agency or a deposit account screening company such as Certegy, ChexSystems, or CrossCheck. Surprised? Under FCRA, financial institutions are required to send adverse action notices when refusing to open a deposit account based on information from a credit reporting agency or a checking account screening company. Further, although the Equal Credit Opportunity Act (ECOA) only relates to “credit,” it does apply if overdraft protection was related to the account. This webinar will explain adverse action reporting and documentation requirements for deposit accounts under both FCRA and ECOA.
November 10, 2021 (Morning)
Opening Accounts for Nonresident Aliens
Deborah Crawford, Gettechnical Inc.
It all starts at account set up. Nonresident alien accounts have special requirements. In addition, the rules became more complex last year with the new requirement for a foreign taxpayer identification number. Open these accounts with ease, beginning with this webinar that will explain how to:
- Set up interest and noninterest bearing accounts on your signature cards and your system
- Determine when the applicant is a nonresident alien
- Properly complete the W-8BEN and all its fields
Don’t miss the chance to learn how to document, identify, and report a nonresident alien account.