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Opening Business Deposit Accounts:
Documenting Existence and Authority

Presented by:
Ken Golliher

June 13, 2005
        11:30AM-1:30PM PT
        12:30PM-2:30PM MT
        1:30PM-3:30PM CT
        2:30PM-4:30PM ET

Materials (only available to registered users)


Accounts opened for businesses pose a number of challenges. The real operating risks incurred by any bank are in assuring that:
  • the business exists and
  • individuals on the opposite side of the desk are empowered to act on behalf of the business.
This webinar provides simple explanations regarding sole proprietorships, partnerships, corporations, and limited liability companies. The program first focuses on how they are established, why the business owners might choose one form of business organization over another and what documents the bank might reasonably require to verify a business' existence. This element helps attendees realize that while some businesses are a simple extension of a single owner, others are a completely separate legal entity; i.e. in those cases, it's the business that is the customer, not the person across the desk.

Secondly, the program addresses how a business documents its delegation of authority to its employees. What does a particular type of business have to do in order to enable someone to:
  • write checks,
  • send wire transfers,
  • open a safe deposit box in the name of the business.
While the program's focal points are documenting existence and authority, it also addresses
  • obtaining taxpayer identification numbers and certifications,
  • NOW account eligibility,
  • what compliance related disclosures are required at account opening,
  • carrying out and documenting your bank's customer identification program requirements,
  • verifying the identity of signatories, and
  • the effect your institution's risk analysis may have on account documentation.
Who Should Attend?
The expected audience is frontline personnel who routinely open deposit accounts for businesses and those who supervise this function. Calculate the per person costs for providing every one of your staff members who opens new accounts with a professional training program. (Remember, when you attend BOL webinars, not all of your employees have to be available the day of the program - you can access it again for up to 30 days after the program.)

The program will also benefit those who audit or review the account opening process for quality control. Program content is at the basic or intermediate level. Program content does not reflect the laws of a particular state.

About the speaker:  Ken Golliher
Ken Golliher is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced banker with a unique ability to reduce complex legal concepts to plain English. He has explained the "why" and "how" of regulations to thousands of financial institution personnel and examiners. Ken's banking career began in 1972 and includes serving as a teller, commercial operations manager and as trust department legal counsel in a state and a national bank. For ten years he headed the education division of a regional consulting firm for financial institutions. He has served on the faculty of the LSU Graduate School of Banking, the OTS' Level I Compliance School and the FDIC's Advanced Consumer Protection school for examiners. He has presented seminars in more than 25 states and has served as an instructor at compliance schools sponsored by the Illinois, Indiana, Georgia, Kansas, Kentucky, Nebraska, Pennsylvania and Texas bankers associations. He is one of the moderators for the Bank Secrecy Act forum at http://www.bankersonline.com

About the seminar
Each registration comes with ONE access to LIVE event and 30 days of unlimited access to the ARCHIVE event. If you wish to have multiple locations participate you must have one registration per location. If the complete broadcast is received via the computer the AUDIO and VIDEO COMPONENTS can be connected to a A/V projector to allow multiple participants to view the conference. If the audio portion of the broadcast is received via the telephone the AUDIO portion can be placed on speaker phone to allow multiple participants. Interactive components delivered via Web include slides, online polls and Interactive Q&A via chat.

You may view the ARCHIVED Presentation of this training event as many times as you wish throughout the next 30 days. This will enable you to participate in the LIVE event as well as train additional staff from the ARCHIVED event.

Handouts will be provided and we welcome questions during and after the seminar, as well as in advance. Questions received after the seminar will be posted on a special Web page for later viewing by seminar attendees.

Contact Information: Billing questions can be directed to Carin Eisenhauer, carin@bankersonline.com. All other questions may be directed to mpetry@bankersonline.com

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