Closing or Changing Accounts for Consumers & Businesses

Webinar OR Recorded Webinar + Free Digital Download 

Wednesday, November 6, 2019 

12:00 pm – 1:30 pm Pacific

 1:00 pm – 2:30 pm Mountain

2:00 pm – 3:30 pm Central

 3:00 pm – 4:30 pm Eastern

Financial institutions routinely open deposit accounts for consumers and businesses and the rules for providing account disclosures, deposit agreements, and signature cards are well established. However, the legal and compliance issues involved with closing accounts are often more complicated. Why? Because there are situations ranging from accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two areas. First will be the challenges of closing or changing consumer accounts. Second will be specific complexities regarding various ownership categories of business deposit accounts.

HIGHLIGHTS

• Consumer account fundamentals
  • Joint accountholders – who has authority to change or close an account?
  • Best practices for changing signers and signature card
  • When an accountholder dies – notices and handling checks and U.S. Treasury check items
• BSA issues
  • Closing an account for failing to provide required CIP documentation
  • Closing an account if suspicious activity is detected
  • Best practices for closing consumer and business accounts and related BSA exam procedures
• Business account essentials, including the four typical ownership categories and common challenges
  • CIP rules, including beneficial ownership
  • Basic requirements to open, change, and close accounts for sole proprietors, partnerships, LLCs, and corporations
  • Death of a business owner

• TAKE-AWAY TOOLKIT
  • Account owner/authorized signer information worksheet
  • New account checklist
  • Checklist for CIP acceptable identification
  • Authorization to close account form and checklist
  • Death notification form for consumer accounts and procedures
  • Federal garnishment notice form
  • Account closure form letter
  • Employee training log
  • Interactive quiz

WHO SHOULD ATTEND?

This informative session is designed for new account representatives, service representatives, branch managers, assistant branch managers, branch administration, deposit operations, BSA CIP staff, and anyone who works with new accounts.

DON’T MISS THIS RELATED WEBINAR!

Business Accounts: Who is Authorized to Open, Close, Transact?

on Tuesday, December 10, 2019

Please note:  The live webinar option allows you to have one internet connection (from a single computer terminal).  You may have as many people as you like listen and watch from your office computer.

           ABOUT THE PRESENTER – Susan Costonis, Compliance Consulting and Training for FIs

Susan Costonis is a compliance consultant and trainer who began her career in 1978. She specializes in compliance management along with deposit and lending regulatory training. Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies. She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve. Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado. She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.

THREE REGISTRATION OPTIONS

Note:  All materials are subject to copyright.  Transmission, retransmission, or republishing this webinar to other institutions or those not employed by your financial institution is prohibited.  Print materials may be copied for eligible participants only.

1. LIVE WEBINAR

The live webinar option allows you to have one internet connection from a single computer terminal.  You may have as many people as you like listen and watch from your office computer.  Registrants receive a website address and passcode that allows entrance to the seminar.  The session will be approximately 90 minutes, including question and answer sessions.  Seminar materials, including instructions, passcode, and handouts will be emailed prior to the broadcast.  You will need the most current version of Adobe Reader available free at www.adobe.com. 

2. RECORDED WEBINAR + FREE DIGITAL DOWNLOAD

Can’t attend the live webinar?  This option provides a recording of the live event, including audio, visuals, and handouts.  We even provide the presenter’s email address for follow-up questions. You will receive an email with the recorded webinar link, which can be viewed anytime 24/7, beginning 6 business days after the webinar.  You will also receive instruction on how to download a free digital copy of the webinar to your PC, which you may keep and use indefinitely.

The recorded webinar may ONLY be ordered for 6 months following the live webinar.  In addition, the download must be completed within 6 months of the live webinar date. 

3. BOTH LIVE WEBINAR & RECORDED WEBINAR + FREE DIGITAL DOWNLOAD

Options 1 and 2 described above.

 AFFORDABLE, PROFESSIONAL TRAINING, WHEN AND WHERE YOU CHOOSE