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Opening Formal and Informal Trust Accounts

This webinar will cover standard trust-opening procedures and many “dos and don’ts” that arise as trusts and account holder situations change.

OnDemand
Recorded Tuesday,
August 17th, 2021
Presented by Deborah Crawford
2 CEU Credits
$195.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Deposit Accounts
  • Risk Management/Legal
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • New Accounts Representative
  • Trainer

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Many customers use trusts to plan for their estate, family, taxes, etc. When opening these special accounts, you need to know about proper documentation, CIP, and signature card responsibilities. You must also understand the trustee(s) authority and duties and your bank’s responsibility and liability.

This webinar will cover standard trust-opening procedures and many “dos and don’ts” that arise as trusts and account holder situations change.

What You Will Learn

  • What is the difference between an informal and formal trust?
  • How is CIP (Customer Identification Program) accomplished on a trust?
  • How are signature card contracts styled and what disclosures are given?
  • Is there a difference in how the account is opened depending on whether a trust is revocable or irrevocable? Whose TIN is used? Does it matter?
  • Who are the key players in a trust?
  • What happens if a trustee dies? What documentation is needed and what happens if the trust becomes irrevocable?
  • Who is the payee when depositing, opening, or closing a trust?
  • Can there be a power-of-attorney with a trust?
  • What happens if a trustee’s name changes?
  • What if a financial institution closes? How is the trust insured?
  • How can a trust be set up with an existing account holder?
  • Should a trust have joint owners on the account?
  • Can you have two trusts in one account set-up as joint WROS?
  • Can trusts be amended, changed, or revoked? What paperwork is involved?

Learn caption

This informative session will be useful for new member representatives, customer service representatives, call center representatives, Branch administration, branch operations, branch managers, compliance, BSA and anyone who opens new accounts.

"I'm always looking for available training and CUWebinars.com always has the relevant training my Credit Union needs. It's time to upgrade to a subscription package for my Department which handles business and trust accounts as well as IRAs, and use the webinars for cross-training my team! Thank you Deborah Crawford, gettechnical, and CUWebinars.com!" -- Faustina Nkwocha, Products Supervisor, Advancial Federal Credit


Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Virginia 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 30+ years of combined teaching and banking experience.


Credit Information

Recommended for 2 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.