Events Calendar

Webinar: Managing Minor Accounts: Withdrawals, Transfers, CDD, Closing & Best Practices
Tuesday, September 10, 2019, 03:00pm - 04:30pm

In today’s competitive environment, financial institutions must develop deposit products that cover a broad spectrum of interests and ages. This session will cover three critical areas for opening minor accounts:

  • 1. How funds are owned
  • 2. Proper execution of account-opening documents
  • 3. How access to the funds should be controlled during the life of the account

Many states have established laws defining the legal ownership of minor accounts, including Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) accounts. Although state-specific statutes will not be covered, this session will address key challenges and offer practical solutions for opening minor accounts.


  • Deposit account options for minors, including savings, UTMA, and joint accounts
  • What questions should be asked at account opening?
  • Documentation requirements, including signature card completion and account changes
  • Who is authorized to make changes and withdraw funds?
  • What if the minor child or UTMA custodian dies?
  • Online access considerations
  • BSA, CIP, and CDD rules
  • Red flags for potential fraud and money laundering with minor accounts
    • Account opening worksheet for savings, UTMA, and joint accounts
    • CIP workflow for minor accounts, including documenting the “customer” under the rules
    • List of trouble spots for these account types
    • Potential SAR filing reasons for minor accounts
    • Account closing checklist
    • Employee training log
    • NEW – Interactive quiz


This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations staff, BSA/CIP staff, and anyone who works with or manages the new accounts function.

SPEAKER:  Susan Costonis, Compliance Consulting and Training for Financial Institutions

Susan Costonis is a compliance consultant and trainer. She specializes in compliance management along with deposit and lending regulatory training. Most of her 35-year career was spent as a banker in several areas including lending, loan administration, electronic banking, and compliance risk management.

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.