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Compliance at Account Closing

Date: May 16, 2013

Time: 3:00pm - 4:30pm

Location: Webinar


There is much to be aware of when closing an account. It’s important to balance the demands of providing outstanding service with regulatory requirements and prudent operating procedures. Are you certain of the individual’s identity? Does this person have authority to close the account? Are other signatures required? How and when are the funds disbursed? Does the account have increased BSA risk due to cash volumes, wires, etc? What disclosures are required? This webinar will address all these questions and more. Tools and checklists to ensure compliance will be provided.

Continuing Education: Attendance verification for CE credits upon request

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  • Is there a way to salvage the account relationship?  Why is the member closing the account? When do you involve senior management to help retain it?
  • Identity authentication requirements for the person trying to close the account. Does he/she/they have authority to close the account?
  • Requirements for different types of accounts – POA, estate, dormant, beneficiary, etc.
  • Additional requirements for joint accounts – what if only one person wants to close the account?
  • What other relationships are affected?  (e.g., SSI direct deposit, other government benefits, auto loan debits which may require a rate adjustment, Internet banking, etc.)
  • Are there levies or garnishments on the account?
  • Handling “presentments after closure”
  • What if the account is being closed due to fraud or suspicious activity?
    • Sample account closure form
    • Sample written procedures for account closure


This informative session is designed for member service representatives, tellers, compliance officers, and auditors.

Webinar content is subject to copyright and intended for your individual credit union’s use only.