Opening New Accounts
3-Part Series

March 2, 4 and 9, 2021 10:00 am - 12:00 pm CT  Live Streaming

A Program

Click Here to register for live program $725

Click Here to register for live program (includes recording) $1075

This is a three-part series to be held on March 2, 4, and 9. The sessions are:

Opening New Accounts Part I: Personal/Consumer Accounts

Opening New Accounts Part II: Business Accounts

Opening New Accounts Part III: Trust and Fiduciary


Session Details

Opening New Accounts Part I: Personal/Consumer Accounts

This two-hour workshop, which is Part I of a three-part series, focuses on the risks, procedures, best practices, and compliance requirements for opening Personal and Consumer Accounts.

Managing Risk For the Financial Institution

  • How to Avoid Litigation, Regulatory Fines, and Damage to Your FI’s Reputation
  • Understanding Your FI Terms and Conditions
  • Best Practice When All Parties Are Not Present at Account Opening or Closing
6-Step Account Opening Process - CIP Requirements
  1. How to Determine the Proper Account Title
  2. Customer ID
  3. Verify Previous Financial History
  4. Comparison with Government Lists - OFAC
  5. Client Notification/Disclosure
  6. Proper Tax Identification Number
TIN Compliance
  • FI Request for TIN Certification (W9)
  • Certifying a TIN for a Foreign Person (W8-BEN)
  • Backup Withholding – What Is It and When Is It Required?
  • Avoiding B-Notice Fines
  • Personal Account Ownership Overview
  • Individual/Single Party Accounts
  • Joint/Multiple Party Accounts
  • With and Without Right of Survivorship
  • Agency/Convenience Signer Designation
  • Power of Attorney - In-House and Out-of-House
  • Payable on Death Accounts
Personal/Consumer Account Difficult Scenerios
  • Adding and Deleting Signers During Lifetime
  • Who can access an account during lifetime?
  • Who can remove a signer?
  • Who can access the account once FI is notified a signer has died?
  • Does ownership of an account change at the death of a signer?
  • When is the FI required to freeze a personal account?
Opening Accounts for Minors
  • Individual/Single Party Account for a Minor
  • Joint/Multiple Party Account with a Minor
  • Uniform Transfer to Minor Account (UTMA)

Opening New Accounts Part II: Business Accounts

This two hour Webinar, which is Part II of a three-part series, examines not only the documentation requirements on business entities available in most states but provides clarity on how to identify who has authority to open and transact on behalf of the entity.

  • Business Account Documentation
  • Resolutions – Purpose and Proper Completion
  • Learn the Harsh Reality of How Our Bank Lost $100,000 By Not Executing a Resolution Properly
  • Business Taxation Options and Why We Have To Care
  • Sole Proprietorships
  • General, Limited, Limited Liability, and Limited Liability Limited Partnerships?
  • Why Are There So Many Different Types of Partnerships Available?
  • Limited Liability Company and Series LLC 
  • Limited Liability Company – Why Has It Become The Most Popular Business Structure?
  • Determining LLC Business and Tax Classification
  • Profit and Non-Profit Corporations
  • 501(c)(3) Non-Profit Corporations
  • Understanding Sub-Chapter S Corporations (S-Corps)
  • Non-Profit Associations, Social Clubs, and Charitable Organizations
  • Adding and Removing an Owner or Non-Owner as a Signer
  • Access at the Death of a Business Account Signer/Owner
  • FinCen - Beneficial Ownership Due Diligence Requirements
  • Documenting Complicated Business Structures
  • TIN Compliance "Cheat Sheet" Included In Session

Opening New Accounts Part III: Trust and Fiduciary

This two hour webinar, which is Part III of a three-part series, will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary, Court Ordered, and Minor accounts not only during lifetime but at the death of a signer as well.

  • Defining Trustee, Personal Representative, and Fiduciary Roles and Responsibilities
  • TIN Compliance for Trust, Minor and Fiduciary Accounts
  • Proper Account Titling
  • Trust Accounts
    • What is the Benefit of Setting up a Trust?
    • Parties to a Trust
    • Documentation Requirements
    • Trust Account Certification
    • Formal vs. Informal Comparison
    • Key Questions to Ask When Setting Up Trust Accounts 
    • Six Pieces of Required Information For all Trust Accounts
    • Revocable and Irrevocable Trust Accounts Comparison
  • Informal Trust Accounts
    • What Makes a Trust “Informal”?
    • Account Titling Requirements
    • TIN Compliance
    • Payable on Death (POD)
    • As Trustee For, In Trust For, Totten Trusts
  • Formal Trust Accounts
    • What Makes a Trust “Formal”?
    • Account Titling Requirements
    • TIN Compliance
    • Documentation Requirements
  • Minor Accounts
    • Single / Individual Account in Minor’s Name
    • Joint / Multiple Party Account with a Minor
    • Uniform Transfer to Minor’s Account (UTMA)
    • Minor’s Access to Funds
  • Court Ordered Accounts
    • Roles and Responsibilities of a Personal Representative
    • Understanding Estate Accounts
    • Guardianship/Conservator Accounts
    • Social Security Representative Payee
    • Veteran's Affairs Fiduciary

      It is highly recommended you have a copy of your financial institution's account agreement and signature card to use as a reference during the sessions.


Suzie Jones

With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace.


The "Opening New Accounts - 3-Part Series" has been approved for 6 CAMS credits. Credits are redeemable for Live attendance only. Users must connect to the webinar individually and enter their name and email for reporting purposes. Accreditation is valid for one year from the date of the event.