Deposit Account Administration

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Establishing a deposit account requires an understanding of the important roles of federal regulations, state laws and contract law. We have to take all of these factors into consideration when collecting and establishing documentation at account opening. Adequate account opening procedures can keep your institution in compliance and help protect you from liability.

This manual does not provide legal advice and won’t discuss state-specific laws. Instead, it will discuss the areas where every institution will be impacted by property laws and best practice recommendations concerning contract law. The manual will also take a detailed look at the federal regulations that impose requirements on our deposit account opening procedures.

Specifically, it will discuss:

  • Fair Credit Reporting Act
  • Customer Identification Procedures
  • IRS reporting requirements
  • FDIC/ NCUA insurance
  • Personal Accounts
    • Single party accounts
    • Multiple party accounts with and without survivorship
    • POD and information trusts
    • Revocable living trusts
    • Court-appointed personal fiduciaries
    • Representative payees
    • Minor accounts
    • Uniform Transfers to Minors Act
    • Sole proprietorships
    • Funeral trusts
  • Authorized Signers
  • Powers of Attorney
  • Non-Personal Accounts
    • Estates
    • Trusts
    • Corporations
    • LLCs
    • Partnerships
    • Lawyer’s trusts accounts
    • Unincorporated organizations
    • Recreational accounts
  • Beneficial Ownership

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