We are recently experiencing a rash of customers that want to open joint accounts but will not come in together. They say they have always taken the paperwork home to their spouse or business partner for signatures. Our policy is not to allow this unless the New Accounts Rep feels that an exception is warranted. Is this too restrictive?

We now require all individuals (except out of town) to be present. We will hold documentation at the branch and wait for the 2nd person to come in so we may properly identify them.

No, it isn't to restrictive. If they are local, we prefer they come in. They need not be together, but short of a medical reason, for example, there shouldn't be a need for docs to be taken out.

If you allow this now, likely CIP will influence your policy in a few months anyway and you'd be reversing yourself, again.

We also require all customers to come in and will hold paperwork no more than 2 weeks for the 2nd signer. Of course we do not issue checks, debit cards etc. until all signers have come in. In this day of Know Your Customer and US PATRIOT Act I don't think there is really much choose but to have the customer in front of you with ID in hand!!!

Thank you. I appreciate the feedback. I was just afraid there was something that I was not seeing. We currently have way too many suspense files that never seem to be cured.

Do you have online account opening? If so, how do you handle joint account openings online?

We used to allow it (another bank) on an exception, but the other signer had to have their signature notarized.

On businesses though this is different. Many accounts are open away from the office. Signers can be added at any time with use of a new sig card as long as the parties responsible for the account can have their signatures verified when the addition takes place.