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Opening New Accounts Part 1: Personal and Consumer Accounts

Well-trained bankers who recognize and stop attempted dishonest activity are the first line of defense in protecting a financial institution from fraudsters. Unfortunately, new account personnel are too often trained "on the job," which results in an environment of potential vulnerability and unnecessary losses for the bank. This comprehensive training focuses on providing new and experienced bankers with the knowledge and tools needed to protect the bank when opening personal and consumer accounts. 

OnDemand
Recorded Wednesday,
November 1st, 2023
Presented by Suzie Jones
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • General Compliance
  • Teller
  • Transaction Compliance
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Senior Management
  • Teller
  • Training Manager
  • Trainer

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Opening new accounts is complicated! With onerous regulatory oversight and scrutiny, new account training is paramount to maintain diligence and update processes and procedures. This two-hour comprehensive webinar, Part I of a three-part series, focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts. Attendees will understand the six-step due diligence account opening process that applies to every type of account opened and, if followed, can protect a financial institution if ever sued by a customer. Discussion topics include proper documentation, account ownership options, with and without the right of survivorship, the impact right of survivorship can have on a customer's estate plan, proper account titling, TIN requirements, designated agents, and power of attorney arrangements. The session will also address who can transact on personal accounts during a customer's lifetime and at the death of a signer. This session is not state specific.

What You'll Learn

  • Customer Identification Program (CIP) Requirements
  • Comparison with Government Lists (OFAC)
  • W-9 IRS SSN/ITIN Certification
  • New IRS W-8BEN FTIN (Foreign Tax Identification Number)
  • Single-Party and Multiple-Party Ownership
  • With Right of Survivorship vs. Without Right of Survivorship
  • Adding an Authorized Signer Designation
  • Understanding Power of Attorney Arrangements

Who Should Attend

Operations officers, compliance officers, new and experienced new account representatives, new accounts supervisors, branch managers, trainers, and auditors need this course. Back office personnel who support the deposit account area will also find this seminar beneficial. At least 85% of this information also impacts the lending area.

Suzie Jones

Instructor Bio

With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 17 state bank associations.

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