Overview:
Very often the simplest error or typo on an account signature card can create legal ownership, insurance and access issues for your accountholder. 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.
Why Should You Attend:
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.
Areas Covered in this Webinar:
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?
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
Learning Objectives:
The impact of lack of signatures on your cards and how that affects FDIC insurance coverage
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?
Typos, whiteout, initialing and other issues that can cause your financial institution to suffer damages
Who Will Benefit:
Tellers
Account Managers
Operations
Personal Bankers
Compliance Officers
BSA / AML Officers
Financial Institutions
Credit Unions
Account Opening Managers and Personnel
Deposit Operations
For more information, please visit : http://bit.ly/2s7eDYG
support@complianceglobal.us
Toll Free: +1-844-746-4244
Tel: +1-516-900-5515
Fax: +1-516-900-5510
Speaker Profile:
Gina Lowdermilk is a highly experienced and educated 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 working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders.
Comments