Hello! We are a $300 million community bank. I am looking for responses from comparable size banks on how long it takes for your new account reps to open new accounts and/or maintenance existing accounts? The issue of it taking our new account reps too long to open accounts has been brought up by upper management and they have requested a few of us within the bank to form a committee and come up with a solution. However, while there are some accounts and situations that may take longer, a regular consumer account with 1 or 2 signers doesn't really take that long to open. With CIP and different disclosures and regulations to cover, not to mention additional products, it is no longer a 5 minute process (was it ever?). So I am looking for information from other community banks to see if we are really taking too long or not. I would like to see how we compare.

Thanks in advance!

20 minutes is the average at our bank for a consumer account with two signers.

Thank you OliviaG2014.....I would say that is comparable to our bank. Depending on the situation it could be longer.

We aren't the same bank size, but I agree. 15 - 20 minutes would be a safe guess for a typical account opening.

Don't forget to include the onerous Beneficial Ownership rules. Then it is longer than longer.

Totally agree DeeQ! I would say we are right around the 20 minute mark for a typical checking or savings account (maybe quicker for a savings). However, get into a business account, then you can add even more time. Especially if there are multiple signers on the account. And if a customer is opening multiple "typical" accounts, then it's going to take a little more time also. Plus - I would much rather our new account reps take their time and get it right the first time so the customer doesn't have to come back in to re-sign anything. And they should be spending time going over disclosures and terms and other possible products that the customer may want.

Upper management may get comments from customers about how long the new account process takes, and yes, it does take more time now than five or ten years ago. Management doesn't typically open accounts, and can't understand the process from their perspective. They certainly don't have an appreciation for the layers of complexity woven into the process by regulatory requirements.

And, as noted by Bankwoman1, we often expect new accounts personnel to cross-sell and explain disclosures.

and yet, you have a couple of really big national banks touting in TV commercials that accounts can be opened in 5 minutes or less...so that is the target our management team is shooting for as we upgrade our teller and banking platforms...getting rid of paper, moving to pads and electronic disclosures and notices via email. roll out is later this year, so i'll be delighted to report back then how it is going.

John - another bank I have talked to stated they had this same issue and ended up having one of their best new account reps walk thru the new account process in a meeting with management for them to see exactly what the steps are. She stated this pretty much solved their problem. I agree - not everyone understands exactly what the steps are and what the new account reps go thru.

Happy - we have heard mention of these same commercials in meetings. How they are touting that it's a 5 minute process. I would be delighted to know how this new platform works for you! Please share.....

Of course, the big national banks in those commercials do not tout their OCC fines for BSA violations...