It seems as though I researched this some time ago, but am at a loss for the answer. With regards to Regulation P, is the beneficiary of a deposit account considered a customer? Should the beneficiary be mailed an annual privacy notice? We apparently included them in our mailing this year and have made some account owners very unhappy.
When opening a POD or ITF account is it necessary to include the name of the beneficiary on the system or is it sufficient just to have the beneficiary name on the supporting documentation, i. e., signature card?
What is the difference between and irrevocable trust and a revocable trust?
I realize that deposit accounts are governed by state law, however, I'd like to pose this scenario and get your opinion. We have a customer who requested a "contingent POD" on his CD. Researching Tennessee law, I found nothing that would disallow this, but are there any issues here that we might encounter problems with in doing this?
Can a custodial account (certificate of deposit) be used as collateral on a loan for the Custodian, i.e., Jane Doe, custodian for Johnny Doe? It is not titled UTMA, but the minor's SSN is used on the CD.
We open all minor accounts under the UGMA. We have an account where the child is now 19 years of age. Her father, the custodian, has closed the account and placed the funds in a regular account with just his name. What is our responsibility in monitoring how these accounts are maintained. Can the minor once they reach legal age, close the account with the custodian's permission? What rights does the child have once they reach legal age?
IRA customer wants to designate as her beneficiaries her son and her daughter (5050), but if something happens to her daughter, she wants to ensure that her daughter's children receive equal parts of the daughter's share what does she need to do to make sure this happens?
I had a request to close a custodial account the other day that came from the childs father. My problem is, the only authorized signer on the account in question is the childs Mother. My initial response was to say no but i wanted to seek a second opinion. If it makes any difference, we are talking about illinois law.
One of our CSRs has heard that a next of kin can withdrawn $1500 from an account they do not sign on to payfuneral expenses for the account holder. This is without court papers. Is this true?
Many of our financial institutions issue letters of credit.