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Compliance at Account Closing Webinar
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Compliance at Account Closing Webinar

5/16/2013

When: Archive
2:00 - 3:30 p.m.
Where: In Your Credit Union
  
Contact:
Kristina Kirchmer

Registration Information
Online registration is closed.
Details

Overview:
There is much to be aware of when closing an account.  It’s important to balance the demands of providing outstanding service with regulatory requirements and prudent operating procedures.  Are you certain of the individual's identity?  Does this person have authority to close the account?  Are other signatures required?  How and when are the funds disbursed?  Does the account have increased BSA risk due to cash volumes, wires, etc?  What disclosures are required?  This webinar will address all these questions and more.  Tools and checklists to ensure compliance will be provided.

Highlights:

  • Is there a way to salvage the account relationship?  Why is the member closing the account? When do you involve senior management to help retain it?
  • Identity authentication requirements for the person trying to close the account. Does he/she/they have authority to close the account?
  • Requirements for different types of accounts – POA, estate, dormant, beneficiary, etc.
  • Additional requirements for joint accounts – what if only one person wants to close the account?
  • What other relationships are affected?  (e.g., SSI direct deposit, other government benefits, auto loan debits which may require a rate adjustment, Internet banking, etc.)
  • Are there levies or garnishments on the account?
  • Handling "presentments after closure”
  • What if the account is being closed due to fraud or suspicious activity?
  • TAKE-AWAY TOOLKIT
    • Sample account closure form
    • Sample written procedures for account closure

Who Should Attend?
This informative session is designed for member service representatives, tellers, compliance officers, and auditors.  Attendance verification for CE credits provided upon request.

About the Presenter: – Ann Brode, Brode Consulting Services, Inc.
Ann Brode began her career in 1973 and has continued her service as a consultant to regional and community financial institutions through a wide range of areas including strategic planning, lending, deposits, marketing, training, compliance, and management.  Ann is a well-respected presenter and has spoken to audiences across the country for over 25 years.  She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin as well as many other state banking schools.  Ann is the author of The Bank Deposit Documentation Manual for Front-Line Personnel, published by Bankers Publishing Company, and is well represented in numerous industry publications.


Educational Investment:

Archive Only
Over $75 million


$159

$7 - 75 million


$139

Under $7 million


$79


Cancellation Policy: Sorry, no cancellations are allowed after connecting instructions and handout materials are distributed to registrants. Substitutions are welcomed and encouraged.

Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.

  

 
 

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