What would happen if you were called upon to give a deposition on a signature card for an account you opened 13 years ago at an institution for which you no longer work? What would you say when an attorney asked you to remember the customer’s intentions when you opened that account? This actually happened. A banker had placed an “X” on the signature card in between JTWROS and JTWOROS.
Learn that your signature cards are a legacy you leave the bank for many years to come. The way a signature is set up can impact your customer’s FDIC coverage. Bankers must clearly understand ownership, titling and access under your signature card contract. If you don't, then the bank will have potential liability.
This webinar is a cost effective way to train those who open new accounts on the potential liability of signature cards that are improperly set up.
It covers risks, liability, and losses that can occur due to signature card contracts and, most importantly, how to avoid these issues!
What You Will Learn:
- Understanding the five major components of a signature card
- What are the “big three” and what happens when they don’t match
- Losses, liability and what went wrong in cases where banks lost big money
- Dealing with signature card changes: white out, crossed out, etc.
- Looking for key signature card issues: offset, how to close accounts, etc.
- How a signature card set-up can cause your customer to be uninsured by the FDIC
Who Should Attend?
Customer service representatives, Branch administration, Branch managers, Tellers, Training and development staff, Compliance personnel and anyone who handles customer accounts
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.