How To Open Fiduciary Accounts

In banking we open many types of fiduciary accounts -

SOCIAL SECURITY REPRESENTATIVE PAYEE
 GUARDIANSHIP
CONSERVATORSHIP
 ESTATE
UTMA
 POWER OF ATTORNEY

Fiduciary accounts involve complex arrangements in which one person has been named to act on behalf of another in a legal capacity.  These accounts are more complicated than typical individual and joint accounts opened at your bank.  In addition, they pose greater legal liability for the bank if they are mishandled and opened improperly.  In this seminar, we will examine these types of fiduciary accounts and determine appropriate documentation and procedures. We will look at how these accounts should be handled and how forms should be completed.

WHAT YOU WILL LEARN:

• Who is our customer under USA Patriot Act/CIP and who should we identify?
• What documents should we receive and what information should they contain?
• Who is the person who will sign our signature card and who owns the funds?
• How are these accounts reported to the IRS?
• What happens if the fiduciary dies?
• What about authorized signers and PODs?
• What is the purpose of each of these accounts and who is the governing authority?
• What is the bank's duty and responsibility, if any?
• And much, much more

WHY SHOULD YOU PARTICIPATE?

This session is a cost-effective way to train your staff in opening and addressing fiduciary accounts. You may train as many individuals as you like for one set price.  There will be no travel costs, no time lost from work and no one will be required to leave the institution.

WHO SHOULD ATTEND?

This informative session is directed to all frontline employees and their managers including branch managers, customer service representatives, personal bankers, new accounts representatives, training, marketing and branch administration.