Deposit Accounts and Services


Part I: The Deposit Accounts and Services program provides the tools you need to effectively open deposit accounts and help potential customers make the best account choices. It will increase your understanding of the different types of account ownership. At the conclusion of the program participants will be able to: understand deposit investment counseling; state the account owner’s rights and responsibilities; examine new account precautions; compare savings, checking, money market accounts and certificates of deposit; define individual, joint, corporate, partnership and trust account ownership; understand contributions and distributions of Traditional, Roth, Education, SEP and SIMPLE IRAs; and accurately administer decedent accounts when an
owner dies testate or intestate.

Topics include:
·The Role of the Account Representative
·Opening Deposit Accounts
·Types of Deposit Accounts
·Single Owner Accounts
·Joint Tenancy
·Other Multiple Owner Accounts
·Fiduciary Accounts
·Retirement Plans
·Decedent Accounts

Part 2: To carry out their responsibilities, bankers need to be knowledgeable about many aspects of opening these accounts, especially with the increasing complexities of financial regulation and product. .

This section focuses on account ownership and will cover the following:
1. Difference between single ownership, joint tenancy and other multiple account ownership forms
2. Rights of ownership
3. Legal precautions to take when doing transactions on different ownership account types


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