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Opening Complex New Accounts: 2 Part Webinar

October 26, 2021 1:30 pm - 3:30 pm
October 28, 2021 1:30 pm - 3:30 pm
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This is a two-part series to be held on October 26th and 28th. The prices above include all sessions. Each session can also be attended individually by clicking on the links below.

Covered Topics
Opening Complex New Accounts Part I: Business Accounts

  • Business Account Documentation
  • Resolutions – Purpose and Proper Completion
  • Learn the Harsh Reality of How A Bank Lost $100,000 By Not Executing a Resolution Properly
  • Business Taxation Options and Why We Have To Understand Them When Opening An LLC
  • Sole Proprietorships; Married Couple Sole Proprietors
  • General, Limited, Limited Liability, and Limited Liability Limited Partnerships
  • Why Are There So Many Different Types of Partnerships Available and What is the Difference?
  • Limited Liability Company and Series LLC
  • Limited Liability Company – Why Has It Become The Most Popular Business Structure?
  • Determining LLC 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 to an Account at the Death of a Business Account Signer/Owner
  • FinCen – Beneficial Ownership Due Diligence Requirements
  • Documenting and FinCen Certifying Complicated Business Structures
  • TIN Compliance “Cheat Sheet” Included In Session

Opening Complex New Accounts Part II: Trust and Fiduciary

  • What is the Role and Responsibility of a Fiduciary?
  • What is the Bank’s Responsibility When the Owner of an Account is Not Present?
  • TIN Compliance for Trust, Minor, and Fiduciary Accounts – SSN VS. EIN
  • Proper Account Titling
  • Trust Account Overview – Why Set Up a Trust?
  • Who Are The Parties to a Trust, and From Whom Can The Bank Take Direction?
  • Understanding the Authority and Limitations of the Parties to a Trust • Why are Living Trusts So Popular?
  • Which Bank Accounts Help Customers Avoid Probate?
  • Why Avoid Probate?
  • Six Key Pieces of Information Needed to Open a Trust Account
  • Does Your Bank Need/Want the Entire Trust Agreement?
  • Formal Revocable & Formal Irrevocable Trusts
  • Payable on Death Accounts (POD) / Totten Trusts
  • Power of Attorney – How can a bank protect itself when accepting an Out-Of-House POA?
  • Out-of-House POA Checklist Included
  • Uniform Transfer to Minor Account (UTMA) – Why Are Banks Reluctant to Offer?
  • Court Ordered: Estate, Guardianship, Conservatorship Accounts
  • Social Security Representative Payee and Veteran’s Affairs Fiduciary
  • TIN Compliance “Cheat Sheet” Included In Session

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.

Who Should Attend?
Customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well.