Would anyone be willing to share with me what your bank does to open accounts either over the phone or on-line for new customers to your bank? You can send me a PM.

I'm particularly interested in those banks that do not require someone to have a copy of DL. notarized (we find its just easier to get them to come to the bank than to find a notary).

We require eveyone to come into the bank now, but that may no longer be an option so we need to update the good ol CIP policy. Just looking for ideas that won't deliver an enforcement action for Christmas!

Thanks in Advance!

I've been searching BOL for this same answer... we're changing from requiring opening accounts in person to allowing online account opening, so this is going to be a big change in our CIP policy.

So can I just confirm with those of you who do online account opening, that:
1) You collect the 4 required items
2) You don't require a photocopy of a drivers license/ID
3) You collect the DL/ID info (issue date, expiration date, and ID#)
4) You run the customer through Chex Systems, and so long as there are no discrepancies, this is sufficient for the examiners?

(And of course this conforms with your CIP policy and is not for what you would determine high risk customers.)

As allowed by CIP, we verify identity using the non-documentary method. (No hard copy identification documents are requested). Basically we request required CIP information (name; dob; residence address; TIN) and other information (DL # or passport #; prior address; phone #). This customer provided information is recorded and checked against known public records. For our operation we use eFunds/ChexSystems to perform this comparision. If information (as provided by the customer)doesn't compare favorably with public record (as determined by eFunds/ChexSystems)the account will likely NOT be opened.

Thank you LiveFromNYC. One more question...

What do you do about signature cards? Do you accept electronic signatures or do you mail signature cards to the customer and have them mail them back?

LiveFromNYC
Maybe you can answer a question I have as a new user of ChexSystems. We are letting the personal bankers "play" with this application this week before going live next month and one of the questions that was asked today was:

What type of verification are we going to require when the customers date of birth fails but all of the other sections pass?

The instance occurred when one of our employees entered their DOB that is on their DL but it just so happens it is different than the one registered with their social security number. After speaking with several of our employees who are also Asian I understand this is not an uncommon practice for them to have documents with different dates of birth. This specific employee's DL, Visa and all other documents have one date of birth and the one tied to thier social security number is different.

We have a large Asian population and if this is going to occurr frequently we need to address how it will be handled in our CIP Policy.

Do you have any suggestions on how you would handle this? Anyone else?