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Business Account Signature Cards and Resolutions: Entities, Authority and Documentation
- When small favors for customers can result in liability for the financial institution
- Why you cannot give money to someone who has not signed the signature card
- Why checks have to match accounts
- When must you retype the signature card and when is it acceptable to make small changes
- When does it matter which disclosures you make on new accounts?
- Typos, whiteout, initialing and other issues that can cause your financial institution to suffer damage
- The impact of lack of signatures on your cards and how that affects FDIC insurance coverage
- When failure to read and comply with the signature card contract can be significant-closing accounts, rights of offset, and other issues
- How to set up signers, powers of attorney and other important fiduciary relationships so you won't confuse ownership
- Common errors on ownership types and how that can create big problems for the accounts of deceased depositors
- Account stylings and taxpayer identification numbers-at $50 per error, how many can you afford?
Overview of the webinar
Very often the simplest error or typo on an account signature card can create legal ownership, insurance and access issues for your accountholder. If you add notes to the cards or add signers after the fact, you may create liability for your financial institution. When you open accounts, you are tempted to accommodate the account holder's wishes in ways that may lead to liability for your financial institution. The practical tips and best practices you will learn in this webinar may save your financial institution thousands of dollars. These 11 fundamental rules will keep your officers and your account representatives from creating liability and future losses on the deposit side of your organization.
Who should attend?
- Tellers
- Account Managers
- Operations
- Personal Bankers
- Compliance Officers
- BSA / AML Officers
Why should you attend?
Business account signature cards and resolutions often time are approached with some confusion over distinguishing between types of entities, authorities on the account and required documentation that a financial institution is required to obtain during the account opening process.
This session will provide a legal and compliance perspective of a financial institutions responsibilities in gathering such documents during the account opening process.
Faculty - Dr.Gina J. Lowdermilk
Dr. Gina J. Lowdermilk, Ph.D. (ABD), CAMS, CRMS is a highly experienced and educated BSA/AML and financial regulatory compliance professional with extensive experience in policy and procedure development and implementation, training, internal audit, monitoring, risk management and reporting. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.
Dr. Lowdermilk has worked with almost all financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with FiServ, BAM, CRA Wiz, TeamMate, COGNOS and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and compliance articles, training materials, and manuals for numerous clients.