Understanding Account Cards, Agreements and Change Cards

Sometimes the simplest error or typo can create legal ownership, insurance and access issues for your accountholder. If you do not sign the signature card on a joint account, it is not insured by the NCUSIF. Or if you add notes to the cards or add signers after the fact, many times you can create liability for your financial institution. When you open accounts, you are tempted to accommodate accountholder wishes and needs in ways that create liability for your financial institution. This program could save your credit union thousands of dollars in the future by keeping managers and your member service representatives from creating liability and future losses on the share side of your organization.

What you will learn:

  • When small favors for members can cost the financial institution big liability
  • Why you cannot give money to someone who has not signed the signature card
  • Why checks have to match accounts
  • When do you have to retype the account card and when can it go with small changes
  • When does it matter which disclosures you give on new accounts?
  • Typos, whiteout, initialing and other issues that can cost the credit union big time
  • The impact of lack of signatures on your contracts and how that affects insurance
  • When failure to read the contract and follow it can be significant-closing accounts, rights of offset, and other issues in the contract
  • How to set up signers, power of attorneys and other important fiduciary relationships so you won't confuse ownership
  • Common errors on ownership types and how that can create big problems on deceased accounts
  • Account styling and taxpayer identification numbers-at $50 per error, how many can you afford?

Who Should Attend?

New Member Representatives, Tellers, Training Department, Branch Managers, Branch Operations, Call Center Representatives and anyone who works the frontline