Business Deposit Account Documentation and Requirements

Duration: 60 Minutes
Business account signature cards and resolutions often time are approached with some confusion over distinguishing between types of entities, authorities on the account and required documentation that a financial institution is required to obtain during the account opening process. This session will provide a legal and compliance perspective of a financial institutions responsibilities in gathering such documents during the account opening process.
Business account signature cards
Product ID: 507613
Objectives of the Presentation
  • When small favors for customers can result in liability for the financial institution
  • Why you cannot give money to someone who has not signed the signature card
  • Why checks have to match accounts
  • When must you retype the signature card and when can is it acceptable to make small changes
  • When does it matter which disclosures you make on new accounts?
  • Typos, whiteout, initialing and other issues that can cause your financial institution to suffer damages
  • The impact of lack of signatures on your cards and how that affects FDIC insurance coverage
  • When failure to read and comply with the signature card contract can be significant-closing accounts, rights of offset, and other issues
  • How to set up signers, powers of attorney and other important fiduciary relationships so you won't confuse ownership
  • Common errors on ownership types and how that can create big problems for the accounts of deceased depositors
  • Account stylings and taxpayer identification numbers-at $50 per error, how many can you afford?
Why Should you Attend
Very often the simplest error or typo on an account signature card can create legal ownership, insurance and access issues for your account holder. If you add notes to the cards or add signers after the fact, you may create liability for your financial institution. When you open accounts, you are tempted to accommodate the account holder's wishes in ways that may lead to liability for your financial institution.

The practical tips and best practices you will learn in this webinar may save your financial institution thousands of dollars. These 11 fundamental rules will keep your officers and your account representatives from creating liability and future losses on the deposit side of your organization.

Who will Benefit
  • Tellers
  • Account Managers
  • Operations
  • Personal Bankers
  • Compliance Officers
  • BSA / AML Officers
Topic Background
Business account signature cards and resolutions that are comprehensive and transparent can pose potential risk and liability to an organization. Appropriate opening process will require that such information is obtained and validated. Failing to do so can put an organization at risk for suspicious activities and financial crimes, as well as civil and criminal penalties as a result of illegal activities.
$300
Recorded Session for one participant
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How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Dr. Gina J. Lowdermilk, PhD (ABD), CAMS, CRMS is a qualified BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been on working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work with small community banks to large international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

Ms. Lowdermilk has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with FiServ, BAM, CRA Wiz, TeamMate, COGNOS, and Metavante banking software. Gina has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as per clients’ requests.


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