Presented by:
Mary Beth Guard and John Burnett
When to accept deposit accounts for minors and how those account should be established are questions of policy that every bank has to address. Minors, after all, are an increasingly important part of the consuming public, and the demand for bank accounts that meet minors' needs in a safe and sound manner will only increase.
How has your bank decided to handle requests to open accounts for minors? Are you aware of the options that are available to your bank? Did you know that some states have laws that give minors the legal capacity to open a bank deposit account? Do you know how choices made when the account is opened can affect your customer in the future? Do you know that using account styling that isn't supported in your state's laws can have significant consequences for your customer and your bank?
Participants in this two-hour webinar will come away with all the important issues covered - the types of account ownership available, the significance of setting accounts up under the Uniform Transfers to Minors Act, who controls each type of account, what minors' accounts are typically used for, and how they're sometimes abused. Mary Beth Guard and John Burnett will equip you with the information you need to style accounts correctly, obtain data required for CIP purposes, and deal with a variety of common scenarios that often arise with minors' accounts.
In this session, Mary Beth and John will cover --
when you don't want to (or can't) use the UTMA
circumstances making a UTMA account an ideal choice
the pros and cons of opening accounts in minors' own names
joint accounts with minors
the pitfalls of "minor by" account styling
the need for internal policy and guidelines on minors' accounts
important information to gather before setting up the account
what you can do to avoid potential problems down the road
proper styling and the correct TIN
whose information you gather for CIP purposes
custodian and successor custodian issues
bank responsibilities on minors' accounts
inappropriate activity and what can be done about it
common misconceptions
effect of the custodian's death or the minor's death
effect of garnishments and/or levies
custodians and powers of attorney
the rights of the minor
special state law "twists"
what happens when the age for UTMA release is reached
This presentation is designed for new account, teller, and other front line personnel. Preview
VIEW A 10 MINUTE SAMPLE
(requires Windows Media Player and IE).
About the speakers:
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group, Inc., Mary Beth has had
a long and distinguished career, graduating from law school in 1980, then going on to serve as general counsel for the Oklahoma State Banking Department, general counsel for the Oklahoma Bankers Association, and EVP of Specialized services for Thomson Financial Publishing prior to co-founding Glia Group, Inc. and BankersOnline.com. Mary Beth also serves as Executive Editor for BankingQuestions.com and as a partner in BankGuard Resources.
Mary Beth is on the advisory board for Bankers' Hotline. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.
John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.
John joined Glia Group, Inc., and became a part of the BankersOnline.com team in June, 2004.
Mr. Burnett was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.
- Complete presentation (including slides and audio)
- Written Materials
- Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.This product was added to our catalog on Wednesday 10 October, 2007.
