Opening New Coverdell Education Savings Accounts

Speak with clients to determine the appropriate product account type option for the Coverdell Education Savings Account (CESA). Discuss the $2,000.00 annual contribution limit with the client. The deposited amount must meet the minimum amount required to avoid a service charge on a regular Individual Retirement Account (IRA) savings account or the minimum amount required for a Certificate of Deposit (CD).

Product account type options for a new CESA account include:

  • IRA Savings
  • CD
  • Capital City Banc Investments

Note: If the retail bank IRA products do not meet the client’s needs, refer the clients to Capital City Wealth: Investment Services.

To open a new CESA, do the following: 

Beginning Process

  1. If the client is new to Capital City Bank (CCB), meet him or her in person.
  2. Ask the client to complete the Client Profile sheet. Once completed, review and discuss immediate and future needs and expectations.
  3. Place the Personal Account/Cross-Sell Information sheet facing the client. Ask the client to complete the bottom portion of the sheet, then assist the client in selecting the account that best meets his/her needs. (For more information see New Account Qualifying Questions.) 
  4. Explain the account benefits including minimum balance requirements and additional services available (Fiduciary Access to Debit Cards and Online Banking Services, Bounce Protection, Mobile Banking, SEND, and Bank Direct services). 
    1. For product types, features, and benefits details, see the Product Knowledge Center.
    2. Cross-sell additional products and services to meet the client's needs using the Personal Account/Cross-Sell Information sheet.
  5. Discuss office locations, business hours, Instant Issue locations, ITM Locations, and CCB history. 
  6. Depending on the type of client, do one of the following:

New Clients

Obtain one primary and one secondary or two primary forms of identification from all owners and signers. Note: All primary identification must be valid (not expired) and contain a photograph.

Existing clients

Request one form of primary identification. In addition, you can request the Inquiry Identification Code (IIC) from the client.

  1. Carefully examine the identification for the expiration date, client’s date of birth, photograph, and signature of the client. Note: If the personal identification documentation is not provided, do not open the account. See Detecting Red Flags in ID Verification.

Query for existing personal CIF

  1. In Xperience > SilverLake >  CIF Menu > CIF Inquiry.
  2. Search by client TIN. 
  3. If you do not find an existing CIF, navigate to Building a Personal CIF.
  4. For each CIF found, click the client name or CIF. Note: Query the existing account and relationship CIF(s), and ensure the following information is up-to-date:  
    • Inquiry Identification Code -- required
    • Mailing address
    • IRS address
    • Phone number(s)
    • Email address
    • Primary and secondary identification information (for example: number, issue date, expiration date)
  1. In Xperience > SilverLake >  StreamLine Platform Menu > Create New Accounts.
  2. On the Inquiry/Website Selection page, determine if a ChexSystems inquiry is required.
    1. If an inquiry is required, click Inquire using ChexSystems. 
  3. Click OK.
  4. Click the New CESA Account Opening Process to continue procedures. 

New CESA Account Opening Process

On the StreamLine New Account Entry page, do the following:

  1. Enter Branch number in the Branch field. 
  2. From the Application drop-down menu, choose T - Time Deposit.
  3. In the Platform Type field, click the ellipsis for product options.
  4. Select the product type (IRA Savings or CD). 
  5. Click OK.
  6. In the Account Number field, click the ellipsis to populate the account number and click OK.
  7. Enter the beneficiary (minor) client's name (LAST name FIRST name), CIF #, or TIN. 
  8. Click OK. Note: Xperience populates to reflect Existing Customer found. Click to Select.
  9. Click Select. Note: Review the CIF information and update accordingly.
  10. If the client is using an alternate mailing address, make the appropriate selection and enter information accordingly. For more information see the Alternate Address tab under Address Changes.
  11. Click OK.
  12. Enter the custodian client's name (LAST name FIRST name) in the Short name, CIF #, or TIN number field. 
  13. Click OK.
  14. Click Display. 
  15. Click Select.
  16. In the Relationship Details section, click the ellipsis to choose C CUSTODIAN.
  17. Click Select.
  18. Click OK.
  19. Xperience populates to show both the primary and custodian under the Relationship field. 
  20. Delete the client name in the Short name, CIF, or TIN number field.
  21. Click OK.
  22. On Deposits Master screen click the ellipsis to add an Account Officer Code if required.

Line 5 Is this a New Account?

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select Y Yes.

Line 30 Do you need an IRA Application?

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select Y Yes.

Line 35 Plan Code

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select EDU EDUCATION IRA.

Line 40 Officer

Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png to enter Officer information as applicable. Note: See Officer Codes for more information.

Line 50 Original Account 

  1. Enter the amount of the opening deposit.  
  2. Discuss the $2,000.00 annual contribution limit with the client. Note: Opening deposits count toward the first-year contribution totals.

Line 54  Marketing Code

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select appropriate code (for example: BB Billboard, CA Consumer Deposit Acquisition, RF Referral, Friend, Family, FB Facebook). 

Line 55 Source of Funds

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Choose one of the following:
    • 1E Existing 
    • 1N New Client
  3. Click Select.
  1. Click OK.
  2. Xperience populates with a message indicating all fields have been verified. 
  3. Click OK.

Line 270

  1. Click the ellipsis .
  2. Select Y Yes. 
  3. Click Select. 
  1. Click OK.

Line 8 Contributor Name

Enter the name of the Custodian for the CESA. 

Line 10 Street Address

Enter the client's mailing address. 

Line 12 City, State, and Zip

Enter the client's city, state, and zip for the mailing address indicated in Line 10. 

Line 14 Daytime Phone Number

Enter the daytime phone number. 

Line 16 Identification Number /SSN

Enter the custodian's Identification Number / SSN. 

Line 19 Designated Beneficiary Information

Designated beneficiary (minor) information automatically populates in these fields. Ensure the information is accurate. 

Line 40 Responsible Individual Name

Enter the responsible individual's name. 

Line 41 Street Address

Enter the mailing address for the responsible individual. 

Line 42 City, State, and Zip

Enter the city, state, and zip for the mailing address for the responsible individual indicated on Line 41. 

Line 40 Daytime Phone Number 

Enter the daytime phone number for the responsible individual. 

  1. Click Next Records.

Line 51 Relationship

  1. Click the ellipsis .
  2. Click the appropriate relationship for the responsible individual.
  3. Click Select.

Line 52 If Other Describe

If Other is chosen in Line 51 Relationship, enter additional details about the relationship between the responsible individual and the designated beneficiary (minor). 

Line 54 Email Address: (Optional)

Enter the email address for the responsible individual if available. 

Line 58 Change of Designated Beneficiary 

Click the ellipsisto choose either:

  • A. MAY CHANGE THE DESIGNATED BENEFICIARY.
  • B. MAY NOT CHANGE THE DESIGNATED BENEFICIARY. 

Line 60 Control at Age of Majority

Click the ellipsisto choose either:

  • (N) Designated beneficiary will not become the responsible. 
  • (Y) Designated beneficiary will become the responsible individual. 

Line 70 Tax Year

Enter the tax year.

Line 80 Contribution Type

  1. Click the ellipsis to choose the Contribution Type. 
  2. Click Select.

Line 85 Contribution Amount $

Enter the amount of the opening deposit. Note: Discuss the $2,000.00 annual contribution limit with the client. Opening deposits count toward the first-year contribution totals. 

  1. Click Next Records.
  2. Click OK.
  3. Xperience populates with a message indicating all fields have been verified.  
  4. Click OK.
  5. On the StreamLine New Account Entry screen, from each drop-down menu choose: 
    1. View/Print/Email Documents? Select Y - Yes.
    2. Upload Account? The system defaults to N-No. 
      1. Click View Documents.  
      2. In the View Order box type 1 for the FL Signature Card to review the signature card for accuracy prior to uploading the account. 
    3. Another account for these customers?
      1. Select N - No. 
      2. If there are no more accounts to be opened for the client click OK. 
      3. If the client wishes to open another account (for example: Savings) select Y - Yes. 
  6. Click OK.
  7. From the Submit to eSign drop-down menu select B - Both eSign and Print for Print Selection items. 
  8. Click OK. A new window opens for eSign. See eSign for more information.
  9. Verify the information under the Backup Withholding Certifications section. 
  10. Certify the TIN of the designated beneficiary. 
  11. Ensure all documents are signed.
  12. Give the client the welcome packet and all required disclosures and brochures including the Terms and Conditions brochure, the Services and Fees brochure, Truth-in-Savings Disclosure, and Truth-In-Savings Addendum. 
  13. Review the materials with the client. 
    1. Explain the rules and regulations governing their accounts and encourage clients to read and understand them.
    2. Discuss the $25.00 IRA closing fee.
  14. Give a copy of the signature card to the client.
  15. If all documents have been signed using an eSign upload account, submit them using eSign. Any documents not submitted through eSign, place the daily work for imaging following the Document Imaging procedures.
  16. Accept the opening deposit from the client. Note: For opening deposits made by check(s), see place a new account hold. 
  17. Complete the appropriate credit memo ticket for the following accounts: 
    • Checking/money market account – Checking/MMA credit memo.
    • Savings/club account – Savings/club credit memo.
  18. Complete the following information legibly on the credit memo: 
    • Date
    • Title of account
    • Account number
    • Tran. code
    • Client's initial deposit
    • Approved by
  19. Write the client's initial deposit legibly above the account number. The teller completes the deposit transaction and provides a receipt to the client.
  20. Take the credit memo ticket to the teller line with the new account deposit.
  21. The teller completes the deposit transaction and provides a receipt to the client.

 






 

 

 






 

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