Hi everyone. We are in the process of reviewing a lot of operations procedures and making some significant changes (prior to this year, the Credit Union never had an internal auditor, and only recently did we hire a full-time compliance officer). Anyways, we are looking at our requirements for signatures on various transactions when their are joint owners on an account. What does your credit union require in terms of signatures from primary and joint members for some of the following: adding or removing a joint member, closing a suffix, closing the membership, changing account beneficiaries, etc. If any of you are willing to share your procedures on these, I would greatly appreciate it!We are also looking at whether or not we need members to fill out a new membership application for each suffix they want to open (i.e. if a member comes in and wants to open a new money market account, we currently require them to fill out a new membership app for that suffix). Do any other credit unions require this?
May 11, 2011 - 3:03pm
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