Wednesday, February 19, 2014
10:00 am – 11:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Misconceptions about minor accounts may cause confusion and unequal treatment – even from branch to branch. Although account ownership is dictated by state law, some common areas should be understood by all credit unions that offer accounts to minors. Can UTMA funds be paid directly to the minor at age 21? How old must a minor be to open an account? When can a minor have a debit card? From CIP to disbursement on minor accounts, credit union staff must be aware of common problems – and solutions. These issues and many others will be addressed during this valuable presentation.
Continuing Education: Attendance verification for CE credits upon request
- How minors can qualify for membership
- CIP for minors
- Types of minor accounts – individual, joint, in trust for, etc.
- Setting up and handling special accounts for minors such as UTMA and Coverdell ESAs
- Minors and representative payee accounts
- Who can transact on minor accounts?
- Share insurance requirements when minors are owners, co-owners, or beneficiaries
- What happens when a minor dies?
- Dealing with minors as account beneficiaries
- TAKE-AWAY TOOLKIT
- Minor account type chart
- Internet resources, including state-specific links
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will benefit new accounts staff, membership officers, tellers, frontline staff, compliance specialists, and those who handle minor decedent accounts.
Webinar content is subject to copyright and intended for your individual credit union’s use only.
MEET THE PRESENTER
Compliance Plus, Inc.