Who's the Customer?
The first decision in every account opening is determining this.
What is the identity of the customer?
This role may transact when signing authority is properly documented.
What is a signer?
Under the training material, a Beneficial Owner is an individual who directly or indirectly owns at least this percentage of a legal entity.
What is 25%?
For an individual, this common government document provides evidence used to verify identity.
What is valid government-issued ID?
A customer wants her daughter to help pay bills but specifically does not want to give the daughter ownership. The banker should determine this before selecting an account structure.
What is the customer's intent?
For a business account, the banker starts by identifying this, rather than the individual standing at the desk.
What is the legal entity?
This is the one person who significantly controls, manages, or directs a legal entity.
Who is the Responsible Individual?
True or false: Being a Beneficial Owner automatically grants signing authority.
What is false?
These corporate documents form the entity, but do not necessarily establish who currently has banking authority.
What are Articles of Incorportation?
Brandy presents Justin's POA. Before opening an account, the banker must confirm that the POA specifically grants this power.
What is authority to open deposit accounts?
Tammy owns the funds, but Tim presents a POA and asks to open the account for her. This person remains the customer.
Who is Tammy?
A POA gives the agent this, but does not give the agent ownership of the principal's assets.
What is authority to act in a representative capacity?
Big Sky Cafe has three shareholders: Garrett 60%, Todd 25%, and Mackenna 15%. These two individuals meet the ownership threshold.
Who are Garrett and Todd?
This document identifies Sam and Sally as current trustees and spells out how they must act.
What is the Certification of Trust?
Josie is Conservator for Kacie's $15,000 minor settlement. The court order prohibits withdrawals and requires the bank to establish this kind of account.
What is a restricted account?
Janice Jones presents Letters Testamentary appointing her Personal Representative for Robert Jones. This entity, not Janice personally, owns the account
What is the Estate of Robert Jones?
Olive and Dwayne Smith are both serving as trustees. Under their Certification of Trust, this may acting trustees must sign.
What is two, or both acting trustees?
Mt Vernon Management owns 80% of Thurston Hills Holdings. Jane owns 80% of Mt Vernon. Jane's indirect ownership of Thurston Hilss Holdings is this percentage.
What is 64%?
The court-issued document establishes Holly Graham authority to act for the Estate of Robert Smith.
What are Letters Testamentary?
Nick Price arrives alone to open his trust account, but the Certification requires both acting trustees to sign. The correct banking decision at this point is this.
What is pause/do not proceed until the required trustee authority is satisfied?
This question should be answered before deciding what documents to collect: "Who____?"
What is "owns the relationship and/or the funds"?
Morgan Applegate is President and an approved signer of Checkered Past Trading. This document nevertheless establishes that Vicki, not Morgan, may establish the account.
What are the Board meeting minutes/banking resolution?
Tracy owns only 19% indirectly in Thurston Hills Holdings but is appointed Manager with banking authority. This illustrates that this concept must be evaluated separately from ownership.
What is control/authority, or Responsible Individual determination?
Articles establish the entity, the shareholder ledger supports ownership, bylaws establish the process, and this document proves Bridges Construction specific banking athority.
What are the meeting minutes/banking resolution?
Olivia is Mobile Crafts President, a 15% owner, and an approved signer. She still cannot open the account by herself for this reason.
What is because the Board hasn't authorized Olivia to establish the account?