2011 Kentucky Deposit Account Administration

In these financially troubled times customer confidence is a bank’s best asset!! This full day seminar provides the foundation for successfully balancing customer service and compliance at the new accounts desk. It is the most comprehensive program available on this topic. Prior attendees say the manual remains on top of their desk – it is a companion resource to the bank’s CIP.

The first portion of this program focuses on federal law and regulation. It is designed to answer questions about the account opening process - from taking the customer’s information to signing the signature card. Seminar attendees learn how CIP, CDD, IRS TIN requirements, Fair Credit Reporting Act, and Regulation D impact their responsibilities at account opening. Disclosure requirements are reviewed from a compliance and customer service perspective.

Note: Attendees are asked to bring signature cards, account disclosures and resolutions for review during the program.

The remainder of the day is devoted to ongoing administrative issues and Kentucky law regarding account ownership, access and death distribution. Changes to IOLTA accounts are dicussed.

The program provides answers to commonly asked questions: • Is the title consistent with legal requirements under Kentucky law? • What are the laws regarding powers of attorney? • Is ownership/access properly documented? • What happens at death? • How can the bank best accommodate a customer’s request for changes to an account? • Who is my customer under CIP regulations? • How does CDD impact account opening? • How can we open accounts for minors? • Who can have an interest bearing checking account? • What types of businesses are authorized under Kentucky law and how are they different at account opening? • What are the types of trusts and how are they different? • How can we open accounts for benefit and memorial funds? Informed employees provide better answers, a higher quality of service and increased customer confidence. This program provides attendees with the foundation to succeed in this challenging environment.

Account ownership types discussed include: • Joint with a right of survivorship, • Joint tenants in common, • Payable on Death, • Minor accounts (including the KYUTMA), • Estates, • Trusts – revocable and irrevocable, • Benefit and memorial funds, • Guardians and conservators, • Representative payee – SSA/SSI, • Escrows, • Sole proprietors, • Partnerships, • Limited Liability companies, • Corporations, and • More…

This program is designed for experienced new accounts representatives, supervisors and auditors.

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