Hi!, I Want To Open An Account. Here's My ID.
"Hi!, I Want To Open An Account. Here's My ID."
How do you know when the identification provided is authentic? How can you really identify the total stranger that just approached your desk to open an account?
Unfortunately, the odds are all in favor of the individual, not the customer service representative. When Regulation CC went into effect September 1, 1988, the banking industry knew that one of the major problems would arise in the new accounts area. Having funds available from deposits sooner than collection of the checks deposited was bound to cause people to try to take advantage of the system. It's too easy to get cash from an account once the computer says the funds are available.The place where you have to protect yourself is at the new accounts desk.
For many years we have been teaching in our industry to "Know Your Customer." Now we have to depend on the customer service rep to do just that. Get to know that perfect stranger that just walked through the door to open an account.
There are many things the CSR can do to help identify this person, and we will discuss them in several of these newsletters.
For starters, don't open an account with just a signature card for documentation.
Use a questionnaire of some type to gather information.
The one recommended most is one that will not only give you all the information you need to open the account, but will also contain the information you might need at some future date to fill out a Currency Transaction Report.
This means that you will get the name, address, phone, social security number, employer, etc., as usual, and add to that the information concerning occupation, date of birth, and driver's license.
With this in your file, you have all you would need to fill out a 4789 in case the need arises. More next month on new account opening.
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 1, 1/90
First published on 01/01/1990