Closing or Changing Deposit Accounts for Consumers and Businesses

Date: 
Dec 19, 2018
Program Overview: 

PDF Brochure   Wednesday, December 19, 2018       3:00 - 4:30 pm

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 there are situations ranging from accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds.  There are two key areas for potential problems.  First, there are challenges to properly change and close consumer accounts.  The second challenge addresses various ownership categories for business accounts.

 

 

Topics: 
  • The “Consumer Account Basics” section covers key points about the common challenges for account changes and closures
  • Joint account holder issues – learn who has the authority to make changes and close an account
  • Best practices for changing signers and signature card basics
  • Issues when a customer 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 including
  • 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
  • The “Business Account Basics” section covers key points about the four typical business account ownership categories and common challenges
  • CIP rules for business accounts
  • Basic requirements to open, change and close accounts for sole proprietors, partnerships, LLC’s (Limited Liability Corporations) and corporations.
  • NEW RULES FOR BENEFICIAL OWNERSHIP BEGAN MAY 11, 2018. THESE RULES APPLY TO LEGAL ENTITY CUSTOMERS.
  • Death of a business owner and types of business ownership categories 

Take-Away Toolkit

  • Account Owner/Authorized Signer Information Worksheet
  • New Account Checklist
  • Checklist for CIP Acceptable Identification
  • Federal Garnishment Notice Form
  • Account Closure Form letter

 

Speaker: 

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.

 

Agenda: 

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.

 

 

 

Fees: 

MEMBER

Live Webinar
    $255.00 Single Location
    $150.00 Each Additional Location

Recorded Webinar & Free Digital Download
    $255.00

Premiere Package (Live & Recorded Webinar with Free Digital Download)
    $375.00

NON-MEMBER

Live Webinar
    $510.00
    $300.00 Each Additional Location

Recorded Webinar & Free Digital Download 
    $510.00

Premiere Package (Live & Recorded Webinar with Free Digital Download)
    $750.00

Association Contact: 

If you have any questions or need additional information, please contact Marcy Borden at 317-387-9380 or mborden@indianabankers.org

Cancellation Policy: 

Within three or more business days prior to the day of an educational program, no cancellation charge will be assessed. If your bank is unable to participate after registering, you can select to purchase the on-demand presentation.

Webinar Options: 

1.  Live Webinar
The LIVE WEBINAR option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered.  You may have as many people as you like listen from your office speaker phone. Registrants receive a toll-free number & pass code that will allow entrance to the seminar. Seminar materials, including instructions, pin number, and handouts will be emailed to you prior to the broadcast.  You will need the most current version of Adobe Reader available free at www.adobe.com.

2.  Recorded Webinar & Free Digital Download
Can’t attend the live webinar?  The recorded webinar & Free Digital web link is a recording of the live event, including audio, visuals, & handouts. We even provide the presenter’s email address so you may ask follow-up questions.  Approximately one week prior to the webinar, you will receive an email with the web link.  This web link can be viewed anytime 24/7, beginning 6 business days after the webinar and will expire 6 months after the live program date.  

LIMITED AVAILABILITY:  The Recorded Webinar & Free Digital Download web link may ONLY be ordered for 6 months following the webinar.

3.  Both Live Webinar & Recorded Webinar & Free Digital Download
Includes options 1 and 2 above

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