A conservatorship account is a specialty deposit account established on behalf of a conservatee—an individual deemed by a court to be incapable of managing their financial affairs. A court-appointed conservator is responsible for managing the account. This arrangement is typically established for people who cannot manage their finances due to age or physical/mental limitations.
Your staff can open conservatorship accounts directly in our Consumer Staff-Led Account Opening product, reducing the time and complexity required to open these specialty accounts in-branch. Please contact your Narmi Relationship Manager to enable this feature in Consumer Staff-Led Account Opening. Note: Conservatorship accounts are currently only available on the Symitar core.
Functionality for opening conservatorship accounts includes:
The ability to collect PII (personally identifiable information) for both the conservator and the conservatee
Individuals can be designated by their appropriate roles
Support for document collection
Information is passed through Alloy KYC for validation
Please contact your Narmi Relationship Manager to enable conservatorship accounts in Consumer Staff-Led Account Opening.
Conservatorship Accounts in Narmi
To open a conservatorship account:
From the Narmi Command sidebar, select Account opening > Applications, and then select New application.
If your institution has consumer and business staff-led enabled, choose Consumer on the dialog that appears.
Select Conservatorship for the type of account and enter the primary applicant’s name and email address.
For detailed instructions on completing each section, go to Consumer Staff Led Account Opening for New Users or Consumer Staff Led Account Opening for Existing Users.
For specialty accounts, there is an Applicant information section. Select Finish next to the applicant’s name.
A side panel appears, allowing you to select a Role—either Conservator (the person authorized to manage funds on behalf of another) or Conservatee (the person for whom the account is being managed). You will have the opportunity to add another role after completing the first one.
Select Save.
After you assign the first role (e.g., Conservator), the system will allow you to assign the second role (e.g., Conservatee).
Select Add a conservator/conservatee to open a side panel and enter that person’s information. Only one conservator and one conservatee can be added.
Select Save.
Run KYC and complete the application’s other sections as needed.
Your institution can configure which roles in conservatorship accounts are ineligible for debit card issuance. This ensures compliance with account access restrictions for different fiduciary roles. To configure this, please contact your Narmi Relationship Manager.
Once the account is opened, the primary applicant receives an email notification. Users can view the account in Narmi Banking via Accounts. For information on accessing accounts, go to Navigating to the Accounts Page.
Staff can view the application details in Narmi Command. To open the application view, go to Account opening > Applications > select an application.
