Opening Business Accounts - Beneficial Ownership Update

Understanding designations, rules, and authority on all different types of business accounts can ensure that you are taking the proper precautions and can assist you in avoiding errors that can be costly to your organization. An update on Beneficial Ownership will be included.

Recorded Tuesday,
March 12th, 2024
Presented by Deborah Crawford
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Commercial/Business Lending
  • Compliance
  • Customer Service
  • Deposit Accounts
  • Deposit Compliance
  • General Compliance
  • Information Technology/Security
  • Lending Compliance
  • Teller
  • Transaction Compliance
  • Branch Manager
  • Commercial Lender
  • Consumer Lender/Retail Banker
  • Customer Service Representative
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Private Banker
  • Risk Manager

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There are many types of business accounts with many different ways to do business today. It can be challenging to determine who is authorized to open, close, and transact business when dealing with so many business entities. In addition to opening accounts in person for businesses, we now have businesses banking online, use of debit cards, and remote deposit. Because of these multiple entities and various approaches to opening accounts, numerous questions arise. How do we set up these accounts and then change them as the businesses change? What happens when a partner dies? What happens when the sole proprietor dies? Can you keep the same EIN if a sole proprietorship incorporates? What if the LLC members are other businesses? How do they sign? We will look at tax issues when a business is disregarded and reported in a different tax number. And the list of questions goes on.

What You'll Learn

  • Update on Beneficial Ownership
  • Basic documentation on business accounts
  • What happens when an owner dies
  • Partner removing another partner
  • Debit cards and their liability
  • Customer Identification Programs
  • Power of Attorney
  • Multi-tiered business accounts
  • Disregard of an entity for tax purposes
  • Resolutions, signature cards and endorsements

Who Should Attend

This informative session is directed to Customer Service Representatives, Branch Managers, Lenders, Personal Bankers, Training and Branch Administration, and Tellers who work in the commercial area of the bank.

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.