Program Description:
Proper titling and documentation of accounts is extremely important for a number of reasons.
The FDIC uses the deposit account records of the bank to determine both the identities of the owners and the right and capacity in which the funds are held. In many cases, the FDIC requires specific terminology in the account title. And the title on the account becomes very important once the account holder(s) becomes party to a legal dispute or passes away.
Most financial institutions use more than one provider of deposit account forms. The purpose of the forms is to provide a permanent document that becomes a binding contract between the bank and the account holder(s). In many situations, the state or federal government has passed laws or regulations that require certain elements to be present in the account documentation.
The Bank Secrecy Act requires banks to obtain a Taxpayer Identification Number (TIN) on all persons who open deposit accounts or who purchase or redeem certificates of deposit. The workshop reviews tax withholding certificates, including the proper TIN certification on W-9s, W-7s, W-8s, and valid substitutes.
This evening workshop identifies and discusses the proper documents or forms that are required for each type of account. The 200+ page workshop notebook includes examples of recommended documentation and account titling.This seminar covers:
- FDIC Insurance Basics
- TIN Certification
- Single Ownership Accounts
- Joint Ownership Accounts
- Revocable Trust Accounts
- Irrevocable Trust Accounts
- Entity Accounts
- Retirement and Other Employee Benefit Plan Accounts
- Fiduciary Accounts
- Public Unit Funds
Who Should Attend:
This seminar is for new account officers or customer service representatives, as well as more experienced personnel who would like to improve their understanding of accounts. Presenter:
Jackie Judd has over 25 years banking experience in numerous areas of the industry. She is currently on the Board Directors for 1st United Bank Fairbault. She is a licensed Accident, Health & Life Insurance, and Securities Series 7. Jackie has trained bankers in the upper mid-west for over 10 years.
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