Opening New Accounts I

"It's just a little new account job, right?" If that's the case, why do we feel like we are acting as "estate planners" instead of "account opening professionals"? The main reason is, in many states, the signature card and account agreement could possibly override formal documents created outside of the financial institution - for example, wills and trusts. It is imperative that we understand the consequences of "choosing" the correct ownership box to be consistent with the accountholder's wishes - especially at death. In this session, we cover the definition of the ownership boxes for consumer and trust accounts including: titles, ownership, TIN and authorized signers for that ownership and death payouts.

It is highly recommended you have a copy of your financial institution's account agreement nearby to follow along during the session.

This is Part 1 of a two part series. The second session is being held on May 15th. You can attend both sessions or just one. Click here for details on Part 2.

What You Will Learn

Understanding Signature Card Contracts and Proper Account Opening Procedures for:

  • Individual and Single Party Accounts
  • Joint and Multiple Party Accounts with and without Right of Survivorship
  • Authorized Signers or Agents on Personal Accounts
  • Power of Attorneys - In House Form and Out of House Form
  • Trust accounts - Informal POD/ITF Accounts and Formal Living Trusts
  • Minor accounts when the minor signs vs. when they don't - including the Uniform Transfer to Minors Act

Plus frequent question and answer sessions throughout this presentation.

Who Should Attend?

All customer contact personnel, supervisors and officers whose responsibilities include opening or managing the new account area. Excellent for supervisors or officers who have authority to "waive" documentation requirements. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.