Answer:
We design our manuals as much for reference materials as for support during the program. They are divided into three sections: consumer, fiduciary and business.
Within the sections, we devote a subsection to each type of account that is recognized by the law of that particular state. Each discussion of an account type addresses the same features:
- Overview [plain language explanation]
- Documents required to open [simple for a bank specific text]
- Account title [samples, no variances allowed for a bank specific text]
- Ownership of the the funds[brief synopsis]
- Authorized signers
- TIN requirements
- Death of owner [who owns the funds, is it appropriate to turn funds over to third party, documentation required, not relevant to entity accounts & not mentioned there]
- Deposit Insurance
Include samples of properly completed forms.
Your state banking association probably conducts seminars on deposit administration or deposit documentation. They are a good source of information, but be mindful of copyrights - they are enforceable. It is exceptionally important that you tailor your materials to the law of your state. If you are in Wisconsin, a manual based on Georgia law is of no value and a generic manual may be more dangerous still.
First published on BankersOnline.com 3/17/03
print
share