Closing or Changing Deposit Accounts for Consumers & Businesses

Financial institutions routinely open accounts for consumers and businesses and the rules for providing account disclosures, account agreements, and signature cards are well established. However, the legal and compliance issues involved with closing accounts are often more complicated. Why? Because there are wide-ranging situations, including accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two focal areas. First will be the challenges of closing or changing consumer accounts. Second will be specific complexities regarding various ownership categories of business accounts.

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