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#2240255 - 07/28/20 05:40 PM Deposit Compliance
Jenny Roberts Offline
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Joined: Feb 2014
Posts: 156
Does anyone have any procedures they would like to share or tools to use that would help customer service reps that open deposit accounts, get their corrections fixed sooner or get paperwork to compliance to review in a timely manner? We have no set procedures at this time other than sending to us as soon as they can. There is also no set reprimand for not getting it to us in a certain time frame. Any help would be appreciated.

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Deposits and Payments
#2240269 - 07/28/20 07:33 PM Re: Deposit Compliance Jenny Roberts
P*Q Offline

Power Poster
Joined: May 2001
Posts: 8,457
I'm not sure anything but setting hard timeframes then holding them accountable is necessary. It's all about accountability and also sounds like a retail admin/HR discussion.

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#2240318 - 07/29/20 03:27 PM Re: Deposit Compliance Jenny Roberts
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,588
Cape Cod
Set up tight procedures, where delayed paperwork is the exception, not the norm. In other words, accounts shouldn't be set up when paperwork is missing (W9s, signature cards, ID info (CIP), BO certifications and board votes (entity accounts), etc.). And when they are, missing items should have short deadlines.

Once a month, circulate the list of tardy documentation, including the branch name/number responsible and the number of days overdue. Include compliments in your cover memo for branches with "Zero Defects" or improvement. Make sure the head of branch administration gets a copy, and have his/her support in the effort to clean the mess up. There needs to be a consequence to inaction on the part of your new accounts people. Whether it's repeat training, probationary status, reassignment or termination is a management/HR call.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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