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#648756 - 12/07/06 07:02 PM New Account Opening Process
IronWill Offline
New Poster
Joined: Nov 2006
Posts: 11
Florida
Would someone be willing to share their deposit new account opening procedures and forms used? I've just spent a considerable amount of time developing a new deposit account application that addresses all the new BSA requirements, only to have a Sr VP criticize it for being too long and intrusive. He had someone go to BofA and open an account and it took a fraction of the time and they asked very minimal questions. I would be happy to share my forms as well. Please PM me if you care to share.
Last edited by IronWill; 12/07/06 07:03 PM.
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#648918 - 12/07/06 08:45 PM Re: New Account Opening Process IronWill
mck401 Offline
Diamond Poster
Joined: May 2006
Posts: 1,168
Texas
I can send you our forms. They are very basic and we are considering 'revamping' them to include more questions for BSA purposes.
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#649186 - 12/08/06 02:29 PM Re: New Account Opening Process mck401
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
PM me with your e-mail address and I will send you our application and CIP worksheet.

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#649610 - 12/08/06 08:39 PM Re: New Account Opening Process devsfan
IronWill Offline
New Poster
Joined: Nov 2006
Posts: 11
Florida
The new deposit application was modified in an attempt to establish a baseline of expected activity for a new account, and to enable the CSR to give an initial risk rating. If you don't get this info up front, then how do you risk rate the account and know what to expect from the customer?
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#650833 - 12/12/06 05:19 PM Re: New Account Opening Process IronWill
Alysyn Offline
New Poster
Joined: Dec 2006
Posts: 17
Iron Will,

I would be interested to know what all you have as far as BSA requirements.

On ours, we have (as BSA required fields):
Source of Funds
Purpose of Account
Employer
Occupation

Other standard things, such as CIP requirements are on our actual CIP form.

Is there additional info I am missing? I would be glad to let you see what I have so we could compare.

Thanks!

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#651189 - 12/12/06 10:34 PM Re: New Account Opening Process Alysyn
Titanic Offline
Gold Star
Titanic
Joined: Feb 2005
Posts: 300
My Workplace
Originally Posted By: Alysyn
Iron Will,

I would be interested to know what all you have as far as BSA requirements.

On ours, we have (as BSA required fields):
Source of Funds
Purpose of Account
Employer
Occupation

Other standard things, such as CIP requirements are on our actual CIP form.

Is there additional info I am missing? I would be glad to let you see what I have so we could compare.

Thanks!



Keep in mind that CDD/EDD requires to collect more info from the customers such as:

--proposed activity (wire, checks, ach)
--source of wealth
--ultimate beneficiaries (specially if you have private banking)
--and challenging questions to screen for PEPs and MSBs
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#651219 - 12/12/06 11:30 PM Re: New Account Opening Process IronWill
Becka Marr Offline
Power Poster
Becka Marr
Joined: Oct 2005
Posts: 6,152
Originally Posted By: IronWill
The new deposit application was modified in an attempt to establish a baseline of expected activity for a new account, and to enable the CSR to give an initial risk rating. If you don't get this info up front, then how do you risk rate the account and know what to expect from the customer?


We establish risk primarily with a scoring matrix for Qualifile (Chexsystems) and Credit reports. Chexsystems is used to determine eligibility for specific products; credit reports are used for lending and overdraft tolerance limits. Our New Account Form also asks for employment information (name, hire date, gross income), and whether they own or rent their home.
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#669437 - 01/22/07 03:45 PM Re: New Account Opening Process Titanic
leo_bsayer Offline
Platinum Poster
Joined: Aug 2006
Posts: 645
I kind of got in on the tail end of this, but we are currently re-vamping our new accounts procedures, and I would love to see samples of each of your new account worksheets, if that isn't asking too much. Please PM me for my e-mail address, if you don't mind. Thanks!

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#669773 - 01/22/07 08:14 PM Re: New Account Opening Process leo_bsayer
LuvforBSA Offline
Junior Member
Joined: Jan 2007
Posts: 29
IL
I just became a user and found this topic to be interesting. I am doing a review of the sheets we use at my institution and I was wondering if anyone would like to share their sheets with me also. I am new at the institution and I feel the sheets we have now have too much information. We are currently using one for CIP, one for CDD and a separate one to help determine if the customer is an MSB. Anyone willing to share please PM me and I will give you me email address. I am also looking for any opinions on AML software that you are currently using.

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