Webinar: Business Accounts: Who is Authorized to Open, Close, Transact?

Start: 3:00 pm
End: 4:30 pm
Event Days: 10/30/2012 - 10/30/2012

With so many business entities, it can be challenging to determine who is authorized to open, close and transact business accounts. In addition to opening business accounts in person, businesses bank online with debit cards and remote deposit. Understanding designations, rules and authority on all types of business accounts can help you ensure that your credit union is taking the proper precautions and avoiding errors.

About This Session:

This webinar will address the following:

  • Changing signers on business accounts
  • Resolutions, signature cards and endorsements
  • What happens when a business account owner dies?
  • Can a business account have a pay-on-death designation?
  • Can a partner remove another partner?
  • How can you give debit cards on business accounts? Where is the liability?
  • How do customer identification programs (CIP) work on business accounts?
  • Can you have a power-of-attorney on a business account?
  • With a complicated limited liability company, who is authorized to remove a signer?
  • What are the CIP requirements for multi-tiered business accounts with businesses owning businesses?
  • What is disregarding an entity for tax purposes, and how does that affect account styling?