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Latest Compliance - Beneficiary Topics

Interest Accrual-IRA Beneficiary Elections

12/22/2019

Are we out of compliance when an IRA account holder dies and we go ahead and internally move the IRA funds into Beneficiary IRA accounts for the beneficiaries before they come in to make their Beneficiary Elections? Are we obligated to continue interest accrual on those funds or should the interest accrual stop at the death of the IRA account holder?

Beneficiary on an Estate of Conservatorship Acct.

09/29/2019

A ninety-seven year old widowed customer was brought in by one of his sons to change the register on his account. Our customer's wife had passed and he removed her and added the son as beneficiary to his now sole ownership account. Six months later the same son was granted Conservatorship over his father and changed the register to "Estate of..." Should we leave the beneficiary on an Estate of Conservatorship account?

Business Trust List Beneficiaries?

04/28/2019

Can a business trust list beneficiaries on the trust account? For example, another bank would like to set up a trust account with our bank and list their customers as the beneficiaries.

Durable POA: List as POA and Beneficiary?

07/15/2018

If a person selected her Durable POA which currently is included on all accounts as a Beneficiary, would it be okay to accept the POA and allow that person to be listed as POA and Beneficiary?

Is Beneficiary on Account Also Beneficiary on CTR?

02/16/2015

Is a beneficiary on an account also the beneficiary on a CTR? For example: checking account is a sole-ownder account in the name of Mary Smith, her son John is listed on the account as beneficiary. Mary makes a $15,000 cash deposit. On the CTR is John also to be listed as beneficiary? I know that all joint owners are, but can't find anything that pertains to this, because if Mary were to pass away the funds become John's (So he could ultimately benefit from the funds).

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Real Estate Loan to an Estate

Question: We are making a secured real estate loan to an estate to pay property taxes. The property securing the loan is owned by a trust.

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Small creditor escrow exemption SNAFU

08/02/2020

My bank is a small creditor who makes HPMLs. We’ve been claiming the escrow exemption, but now I’m not so sure we should. Sometimes we set up accommodation escrows for extenuating circumstances – does that cause problems?

New Reg CC Update - Large Check Deposit

08/02/2020

I have a question on the new Reg CC update, specifically, on the large check deposit. I have a customer depositing a out of town check made to himself in the amount of $106,000. How do I handle this? Example: 2-12-2020: Place a Large Deposit Exception hold on the check making $200 available 2-13-2020, $4,800 available 2-14-2020 & $101,000 available 2-24-2020. So would the new amounts be $225 available 2-13-2020 and $5,300 (to make a total available $5,525) available 2-24-2020 and the rest available 2-24-2020?

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