Are any bankers going to continue to open up joint accounts with only one owner present and rely on non-doc verification to verify the ID of the absent owner? With the 4 pieces of required information provided, we could verify the ID to satisfy CIP. But the other concern is verifying who signs the card, which strictly is not a CIP issue. Love to hear from all commenters. Still working this issue!!!!

We took a serious look at requiring all account owners to come in to sign. However, we only have later lobby hours one night per week, so management voted in favor of doing documentary verification for the present person(s) and nondocumentary (third-party) verification for the absent person(s).

Our risk profile is lower than most banks due to our location, size, etc. Even so, this is the lower end of what I was shooting for.

You are right that you can use non-documentary verification on the owner that isn't present for CIP purposes. You are also right that knowing whose signature is on the signature card is a separate issue. But the latter issue hasn't changed as a result of CIP - what has been your practice on verifying signatures previously?

Joint accounts here will start out as single accounts until we get the second signature. All signatures from customers off premise will be notorized. This covers CIP and FDIC but brings up other problems like ordering checks. (The non-documentary does not help with the FDIC.)
I see a lot of problems with the way we are planning on handling these accounts. I don't see a better way so far but I am ready, willing, and able to change. "I am a man, but I can change, if I have to" -Red Green

Quote:

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"I am a man, but I can change, if I have to" -Red Green

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You forgot ". . .I guess . . ."

For a new customer, we will open the account as an individual account until the joint owner can come in to execute a replacement signature card after being properly identified.

For existing customers opening new accounts (you know, the daughter lives out of state situation), we are using a CIP ID form that must be notarized when completed outside of the bank.

At this point, each day is a new CIP adventure!!