Opening New Accounts Part II:  Business Accounts

Wednesday, May 1, 2024 
2:30 pm – 4:30 pm Eastern

This two-hour webinar examines not only the documentation requirements on business entities available in most states but also provides clarity on how to identify who has the authority to open and transact on behalf of the entity.

Opening business accounts can create angst! Sole Proprietorships owned by a married couple, LLCs, LLPs, General Partnerships, Limited Partnerships, Corporations, escrow accounts, and political organizations - why are there so many different types of business entities? What is the securest way to determine who has the authority to transact on behalf of a business entity – especially when owned by another entity? Verifying if a business entity is legitimate and who has the authority to transact business on behalf of that entity can be challenging. When can a business use the owner's SSN vs. an EIN? When does a bank need a partnership agreement, bylaws, or operating agreement? FinCen requirements will be addressed. In this two-hour comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening business accounts. This session is not state law-specific.

It is highly recommended that attendees have a copy of the financial institution's account agreement, signature card, and resolutions to reference during the session. To customize the course to state law, the financial institution may want to access the Secretary of State’s website to review documentation requirements on forming business structures in that state.

What You Will Learn:

• Business Account Documentation
• Resolutions – Purpose and Proper Completion
• Business Taxation Options and Why We Have To Care
• Sole Proprietorships
• General, Limited, Limited Liability, and Limited Liability Limited Partnerships
• Limited Liability Company and Series LLC
• Determining LLC Business and Tax Classification
• Profit and Non-Profit Corporations
• Understanding Sub-Chapter S Corporations (S-Corps)
• Non-Profit Associations, Social Clubs, and Charitable Organizations
• Adding and Removing an Owner or Non-Owner as a Signer
• Access at the Death of a Business Account Signer/Owner
• FinCen - Beneficial Ownership Due Diligence Requirements
• Documenting Complicated Business Structures
• TIN Compliance "Cheat Sheet" Included In Session

Who Should Attend? 

Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts, as well as Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative, and at least 85% of this information also impacts the lending area.

Instructor

Matthew Dickinson

With almost two decades of banking experience ranging from opening new accounts and IRAs, lending, managing operational and lending teams, and serving in key executive management positions - Matt knows the benefit of strong frontline training and its role in managing operational, regulatory, and reputational risk. Effective 2024, Suzie Jones retired after five decades in the financial industry. Matt acquired Training Resources with the commitment to continuing the new account training programs and materials Suzie developed, recognized for its customization to state law and as one of the industry's most outstanding and comprehensive resources.

Matt is known for his expertise, approachability, sense of humor, and passion for providing knowledge to bankers so they can serve their banks' customers confidently while managing risk. He provides training through 16 State Bank Associations and nationally through OnCourse Learning, a web-based training platform. Matt enjoys family time with his wife and four daughters, cooking, and has completed three full Ironman triathlons, a testament to his dedication and patience; traits bankers can expect to experience when they interact with Matt.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by OnCourse Learning (Total Training Solutions)

If you are having issues with registering online, please contact CBAO's Education, Training & Special Event Coordinator, Malia Widder, (614) 610-1877.