Webinar: Changing or Closing Deposit Accounts for Consumers & Businesses
August 27, 2024 3:00 pm - 4:30 pm
Opening deposit accounts for consumers and businesses is one thing.
But the complexity and compliance issues ramp up when changes need to be made or an account needs to be closed. Situations range from death, to disagreement, to fraud, and beyond. Get the clarity you need to handle these complicated issues with confidence with this no-nonsense program.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Address the challenges of changing and closing consumer and business accounts
- Determine who has the authority to request account changes and closures
- Comply with beneficial ownership rules for due diligence, including account changes and closures
- Review best practices for completing account changes and closures
WEBINAR DETAILS
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 they may involve sticky situations such as accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two focal areas: the challenges of closing or changing consumer accounts and specific complexities regarding various ownership categories of business deposit accounts.
WHO SHOULD ATTEND?
This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations professionals, BSA CIP staff, and anyone who works with or manages the new account function.
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
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
Speaker: Susan Costonis, Compliance Training & Consulting for Financial Institutions
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.