Opening New Accounts I – Legal Ownership of Consumer Accounts
Account title vs. ownership indicated vs. authorized signer on the legal document…
Does it really matter on a personal account? You bet it does! It’s ALL about ownership vs. access, and who on the account has the authority to do what.
We’re beyond the days where we let our accountholders tell US how they’re going to title accounts. When we look at a legal document, 4 points must be clear:
- Who is the “owner” of the funds in the account?
- Who just has “access” to the funds, and what is their capacity?
- What do they want to happen to the funds while they are alive?
- What do they want to happen to the funds when they die?
If there are any “gray areas” on the legal documentation, your financial institution may be dragged into court on even a small legal technicality.
We highly recommend you have a copy of your financial institution’s account agreements and/or signature card nearby to follow along.
This is Part 1 of a 3-part series. The 2nd session is Thursday, April 14, and the 3rd is Thursday, April 28. You may attend all sessions or each one individually.
Understanding Signature Card Contracts and Proper Account Opening Procedures for:
- Individual and Single Party Accounts
- Joint and Multiple Party Accounts with and without Rights of Survivorship
- Authorized Signers or Agents on Personal Accounts
- Power of Attorneys – In House Form and Out of House Form
- Minor accounts – using a minor’s SSN on a bank account. What does it mean?
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing the new account area. Excellent for supervisors or officers who have authority to “waive” documentation requirements. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.
Patrice M. Konarik is president of Sunwest Training Corp. founded over 20 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 30 years experience in the financial industry, Patrice has focused her expertise on the retirement and new account areas and is currently providing live training and webinars on these subjects on a nationwide basis. She has a BS In Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics. Patrice’s upbeat personality and former banking experience easily encourages interaction and questions during the training sessions.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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