Opening New Accounts II – Business Accounts
It is no longer "okay" to open accounts for non-documented businesses.
When you open a commercial account, you should verify the entity is a legal business and who is authorized to transact business on behalf of that entity.
We’ll investigate the types of business entities available in most states and who that “authority” person is to open the account and sign the resolutions.
We highly recommend you have a copy of your financial institution’s account agreement and resolutions nearby to follow along during the session. To customize it to your state law, you may also want to go to your Secretary of State website to access information on forming business structures in your home state.
This is Part 2 of a three-part series. The first session is on Thursday, March 30, and the third on Thursday, April 28. You can attend all sessions or each one individually.
Understanding Signature Card Contracts and Proper Account Opening Procedures for each type of business:
- What businesses need to obtain an EIN
- Are business signers subject to OFAC and CIP requirements
- Obtaining documentation for business accounts including:
- Sole Proprietorships
- General, Limited and Limited Liability Partnerships
- Limited Liability Limited Partnerships (LLLP)
- Limited Liability Companies
- Nonprofit Associations and Charitable Organizations
- Detailed Explanation of Business Resolutions (have a copy of your financial institution’s resolution available during the session)
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. 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
- Live Webinar which includes 7 Day On-Demand - $265
- Six Month On-Demand – $295
- Live plus Six Month On-Demand – $365
- CD-ROM (Includes Six Month On-Demand) – $325
- Premier (Includes all options) – $395
- Additional Locations – $75
Online: Click here.
Phone: Call Total Training Solutions at (800) 831-0678
Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.