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#738507 - 05/23/07 02:00 PM Opening Accounts On-line
J2C Offline
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Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
I am curious to know how (if any of you) open your accounts online? How do you verify the ID of the person? How do you do CIP?

Also if you can let me know what your asset size is that would be great as well.

Thanks in advance.
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#739287 - 05/23/07 11:27 PM Re: Opening Accounts On-line J2C
DebL Offline
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Joined: Jan 2007
Posts: 314
CA
I work of a $3B bank and we collect CIP via our website. We then run a credit report (non-documentary verification) prior to actually opening the account. If there are any discrepancies, we simply decline to open the account.

We also keep a log of the declinations as they are considered adverse action on the basis of our CIP.
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#739439 - 05/24/07 01:46 PM Re: Opening Accounts On-line J2C
Trees Offline
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Joined: Apr 2005
Posts: 4,013
We expect to obtain the info, check it against credit reports and ask out of wallet questions to ensure we have taken steps to "know our customer". Any discrepancies, new customers has to call us. Also, at the bank end, we'll send a hello letter.

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#740173 - 05/24/07 11:37 PM Re: Opening Accounts On-line Trees
DebL Offline
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Joined: Jan 2007
Posts: 314
CA
Sounds like you've got it covered. Just remember to keep track of anyone for whom you decline to open an account based on your CIP.

Our examiners requested this information in our S&S exam last month.
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#803386 - 08/27/07 07:15 PM Re: Opening Accounts On-line DebL
Oviedo Boy Offline
Platinum Poster
Joined: May 2006
Posts: 629
Tennessee
This may be a dumb question, but can I assume you only allow consumer accounts to be opened online? How do you obtain/track signature cards?
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