Personal Accounts
What is an example of a Primary ID source?
Driver's License, Passport, Military ID, Non-Driver's License, American Indian Nation ID
What is the minimum penalty charged when cashing out a time deposit early?
$25
What status should an individually owned account be changed to if that individual dies?
Frozen
What is the name of the document available on InfoNet that lists the documents needed to open a business account?
Deposit New Account Guide
T/F: You can list a beneficiary on an ward/rep payee account.
False
When should we use the relinquishment form?
To allow an owner to relinquish their rights to an account.
Name one factor that makes a customer eligible for an HSA?
They are enrolled in a HDHP, not enrolled in Medicare, not claimed on someone else's taxes, not covered on another non-HDHP
What is the title given to the individual appointed to disburse the funds of a deceased person's estate?
Executor/Administrator
When is a Business Account Regulatory Information Form required?
Any time we open a business account
For a DBA, you open the account under which CI screen?
The owner's, business CI should be tied to the account with the DOING BUSINESS AS relationship type
Name 3 instances you have to sign an account contract.
Name change, add/removing signers, adding/changing beneficiaries, at account opening.
In Bankway, what term would you use to open a 13 month special TD for $75,000?
12 MO UNDER $100
When opening a fiduciary account, who are we required to complete CIP on?
The Responsible Person - Guardian, Rep Payee, Conservator
In Bankway, what is the class code used when opening an LLC?
CO - Corporation
Who controls the assets of a trust?
The Trustee
During new account opening, what reasoning should the banker use when selecting the SOURCE OF FUNDS?
How the account will be used going forward, not just the initial deposit.
T/F: IRAs and HSAs are REQUIRED to have a beneficiary.
False
On a revocable trust, whose SSN can we use for the trust TIN?
The Grantor's
In order for a Premium Business customer to qualify for a rate bonus on their Premium Business Money Market, what must the banker do in Bankway?
Use Relationship Pricing under Features to tie the accounts together
What powers do we assign to the Administrative Authority on a business account?
1, 2, 4, 5, 8, 11
Name 5 CIP requirements.
Full legal name, unexpired ID, DOB, SSN, Physical Address
What should you do if a customer is attempting to open a SDB in an area they do not live?
Complete a Suspicious Activity Monitor (or SAM)
When does POA cease?
Death of the Grantor
List the 3 ways a customer can qualify for a free Premium Business Checking account.
$3000 avg collected balance, merchant services, business rewards credit card activity
Explain what makes a Power of Attorney "durable."
It does not become invalid upon the Grantor's disability or incapacity.