SOCIAL DISTANCE PRICING — We know it's not always possible to train in a group setting right now, so we're offering additional user logins for $25 each. If you need more than 5, contact us to purchase.
Why we do it …Operations - 2017
Mary Beth Guard Recorded on September 21, 2017
Remember all the lessons you were taught when you were growing up about what to do and what not to do? In most instances, those life lessons included clear cut explanations of the consequences of not doing as you were told. Play with matches and you might get burned. Run with scissors and you might cut yourself. Eat too much candy and you'll make yourself sick. Knowing what could go wrong helped you understand the importance of doing what was right.
Every banking employee needs that kind of "big picture" to connect the dots between what a policy or procedure says to do and why that is precisely what should be done. Lawsuits, losses, reputation damage, regulatory criticism, enforcement actions - those are just some of the banking consequences equivalent of the childhood burns, cuts, and tummy aches.
To do your job correctly, you need to understand the "if….then" reality -- what can happen if you don't do something in the proper order or at the proper time or in the way the policy or procedure says to do it.
This is a program that will be filled with "Aha!" moments where attendees will nod as they realize the firm foundations upon which banking procedures are built and connect the dots between various procedures and why they exist. Everyone who deals with bank operations should attend!
Here are just a few of the "why's" we'll touch on:
Why you must be kind, but noncommittal, when a customer claims a check is forged, an ACH debit is unauthorized, or an ATM withdrawal was not made by them
Why you can't stop payment on a cashier's check
Why you don't set up a joint account until you have all signatures and you have CIPed all owners
Why you look for red flags for identity theft
Why you don't allow checks payable to an entity to be cashed or deposited into an account not owned by the entity
Why it's a bad idea to allow someone to take a check made payable to the bank and deposit it in his account or cash it
Why you should not accept after-death deposits into an account that has pay on death beneficiaries
Why you don't give out information about an account without asking the verification questions
Why you don't allow babies on joint accounts
Why you want to ensure you have the correct documents for an account before you set it up on your system
Why you check IDs for safe deposit entrants
Why you always look at dates on checks
Why you can't cash checks made payable to an entity that is not your customer
Why you should always note on a signature card if a person is a signer by virtue of a POA
Why, in most instances, you cannot allow an attorney-in-fact to add himself as a joint owner to the principal's account
Why you want to have documentation any time a safe deposit renter takes a visitor into the safe deposit area
Why you have to get a TIN for an estate account
Why you want to carefully answer when a customer asks when funds will be available
Why you need to first focus on whether it is a business or consumer account before answering certain questions
Why you can't believe every piece of paper that purports to be a will
Why you need to make sure complaints are processed properly
Why we ask new customers so many questions
Why it's important for the bank to quickly learn of a customer's death
Mary Beth Guard
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com, CEO of Glia Group, Inc. and Executive Editor of BankingQuestions.com. Since graduating from law school in 1980, Mary Beth has focused her work almost exclusively on the banking industry. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.