CIP
Under CIP, this type of address is required for individuals—PO Boxes cannot be used.
What is a physical (residential or business) address?
This basic deposit account is great for customers who want easy access to their money and typically earns a lower interest rate than other savings products.
What is a Savings Account?
This service allows customers to access their accounts, check balances, transfer funds, and pay bills from any computer with internet access.
What is Online Banking?
These four words are what the initials FDIC stand for.
What is the Federal Deposit Insurance Corporation?
This platform is used by customers to open accounts digitally, allowing the bank to streamline the onboarding process.
What is MANTL?
This CIP requirement ensures that banks “know who they are doing business with” before opening an account.
What is customer identification?
This type of account usually requires a higher balance and offers a tiered interest rate structure, rewarding customers for keeping more funds on deposit.
What is a Money Market Account?
Using this service, customers can take pictures of checks with their smartphone and deposit them without visiting a branch.
What is Mobile Deposit?
The standard FDIC insurance coverage limit per depositor, per ownership category, per insured bank.
What is $250,000?
This MANTL feature automatically checks the customer’s information against required databases during onboarding.
What is automated identity screening (or 17 point verification)?
This type of identification is required for CIP and must be government‑issued, valid, and contain a photo or other identifying information.
What is an acceptable primary form of ID (such as a driver’s license, state ID, or passport)?
This product locks in the customer’s funds for a set period—such as 6, 12, or 24 months—in exchange for a guaranteed interest rate.
What is a Certificate of Deposit (CD)?
Designed for business customers, this platform offers enhanced features such as ACH origination, wire transfers, and user‑permission controls.
What is Business Online Banking?
This type of account—checking, savings, money markets, or CDs—is covered by FDIC insurance.
What are deposit accounts?
When opening an account in MANTL, this step must be completed in BPM before for existing customers or afterward for new customers.
What is scan their ID?
This is the federal law that requires banks to implement a Customer Identification Program.
What is the USA PATRIOT Act?
This type of account is used by organizations instead of individuals and may include features like higher transaction limits and multiple authorized signers.
What is a Business Checking or Business Deposit Account?
This business service allows companies to scan checks at their office and transmit deposits directly to the bank, saving time and reducing trips to the branch.
What is Remote Deposit Capture (RDC)?
FDIC insurance protects a customer’s money up to the limit if this happens to a bank.
What is the bank fails?
For accounts funded through MANTL, this is the method customers typically use to transfer money from another institution during the application.
What is an ACH transfer from an external bank?
CIP requires banks to check new customers against this type of government‑issued list to ensure they are not prohibited from opening accounts.
What is the government watchlist (such as OFAC’s SDN list)
This type of account automatically transfers excess funds from a checking account into an interest‑bearing account each night, helping customers maximize earnings without manual movement of funds.
What is a Sweep Account?
These services provide customers with multi‑million‑dollar FDIC insurance on large deposits by distributing funds across a nationwide network of banks.
What are CDARS and ICS?
(Or: What are the Certificate of Deposit Account Registry Service and the Insured Cash Sweep?)
FDIC insurance covers both single and joint accounts, but each is considered this type of category.
What is an ownership category?
This post‑opening task must still be completed by branch staff, even for accounts opened digitally through MANTL.
What is a Risk Assessment?