Account Documentation Series:
Minor Accounts: Ownership, Documentation & Access
Tuesday, September 12, 2017
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Opening minor accounts comes with its complexities, however, these accountholders may become the next generation of loyal customers. This session will cover the three critical areas for opening minor accounts: 1) understanding how funds are owned, 2) how account opening documents should be executed, and 3) how access to the funds should be controlled during the life of the account. Many states have established laws for defining the legal ownership of accounts for minors, such as UTMA or UGMA (Uniform Transfers to Minors Act or Uniform Gifts to Minors Act). Although specific state statutes will not be covered, this session will address key challenges and offer practical solutions for opening minor accounts.
Continuing Education: Attendance verification for CE credits upon request
- Deposit account options for minors, including savings, UTMA, and joint accounts
- What questions should be asked at account opening?
- What documents are required to open accounts for minors? How are signature cards completed?
- How are account changes made? Who is authorized to make changes and withdraw funds?
- What happens if the minor child dies? What if the UTMA account custodian dies?
- Should online access be allowed?
- What are the CIP rules?
- What are the fraud red flags for minor accounts?
- TAKE-AWAY TOOLKIT
- Account opening worksheet for minor savings, UTMA, and joint accounts
- CIP workflow for minor accounts – documenting the "customer" under the rules
- List of trouble spots for minor accounts
- Potential SAR filing reasons
- Checklist for closing minor accounts
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
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WHO SHOULD ATTEND?
This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, deposit operations, BSA/CIP staff, and anyone who works with or manages new accounts.
PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.
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