Opening Personal Deposit Accounts – ON-DEMAND WEBINARS

Recorded: December 8, 2021

Presented by: Ms. Natalie Straus, CRCM, VP and Senior Consultant, FORVIS.

Join us for a ninety-minute webinar where we will discuss opening personal deposits accounts.

The new accounts employee has the burden of opening an account for the consumer customer and obtaining documentation to make certain this customer exists. The employee must be familiar with CIP requirements, IRS provisions and the institution’s policies and procedures. This ninety-minute webinar will cover various personal account types. This will include a review of the types of documents that may apply to your personal accounts. While each financial institution will set its own documentation requirements, this webinar will explain the different types of documentation so the financial institution may make an informed decision on the documents to require.

Here is what you will learn:

• Customer Identification Procedure requirements for personal accounts;
• FCRA requirements for personal accounts;
• IRS requirements for personal account customers; and
• Examples of documents used to verify identity and establish account transaction authority.

We will cover the following account types:

• Single Party Account
• Single Party Account with Convenience or Authorized Signers
• Joint Account with a Right of Survivorship
• Joint Account without a Right of Survivorship
• Power of Attorney
• Informal Trust Account
• Pay on Death Account
• Grantor Trust- Revocable Living Trust