A guardianship is a type of fiduciary account established when a court appoints a guardian to make personal, medical, and/or financial decisions on behalf of an individual (the "ward") who is legally deemed unable to make decisions for themselves. The ward legally owns the account, but the guardian has sole access and control to manage the funds and assets within it, bound by law to act in the best interest of the owner.
Your staff can open guardianships 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 guardianships. Note: Guardianships are currently only available on the Symitar core. Please contact us if your institution uses a different core and would like this feature.
Functionality for guardianships includes:
The ability to collect PII (personally identifiable information) for both the guardian and the ward
Individuals can be designated by their appropriate roles
Support for document collection
Information is passed through Alloy for KYC validation
Guardianships in Narmi
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 Guardianship 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 Guardian (the person authorized to manage benefits on behalf of another) or Ward (the person for whom the account is being managed and legal owner of the funds in the account). You will have the opportunity to add another role after completing the first one.
Select Save.
After you assign the first role (e.g., Guardian), the system will allow you to assign the second role (e.g., Ward).
Select Add a guardian/ward to open a side panel and enter that person’s information. Only one guardian and one ward can be added.
Select Save.
Run KYC and complete the application’s other sections as needed.
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.