When a Minor Wants to be a Bank Customer 2023 | Kansas Bankers Association | 6 July 2023 | Webinar
Venue
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| Event Date |
Thu Jul 6 CDT (over 1 year ago)
In your timezone (EST): Thu Jul 6 1:00am - Thu Jul 6 1:00am |
| Location | Webinar |
| Region | Americas |
Details
Studies repeatedly show that a bank offering products that are geared towards minors receives a range of benefits, including building trust and brand loyalty with the minor that extends long after the minor becomes an adult. In a world full of financial service providers that are competing with the bank, it is important to understand what the law allows in order to attract and maintain these banking relationships with today's youth.
This webinar will review the ins and outs of Kansas deposit and lending laws that apply to banks wishing to do business with adolescent customers, as well as reviewing federal laws and regulations which may also impact the relationship.
Topics that will be covered:
• Establishing sole and joint ownership savings and checking accounts for minors
• Issuing debit and credit cards to minors
• Allowing overdrafts on a minor's account
• Allowing online access to minors holding bank accounts
• Calculating FDIC insurance coverage on accounts involving minors
• BSA-CIP requirements when dealing with a minor's new account
• Handling deposits for minors who are too young to do business for themselves
• Making a loan to a minor
Speakers
2023 Speaker
PRESENTER:
Terri D. Thomas, J.D
EVP/COO, Kansas Bankers Association