05/12/2003
A benficiary inherited (mother to daughter)several IRA CDs and is currently receiving the minimum distribution which is paid from the lowest interest CD. Two of the CDs are maturing in April, 2003 and the beneficiary wants to transfer them to another bank where she has a substantial IRA comprised of CDs. Are there IRS or ABA rules/regs covering this situation? Can the daughter/beneficiary transfer the CDs without having to incur a tax liability above the minimum distribution she elected?
03/17/2003
For Reg O purposes, do insider loans include loans made to relatives (especially spouses) under their own signature and taxpayer ID?
03/10/2003
Can we place a hold on VA benefits when we received a levy?
02/03/2003
Is there a difference between "beneficiary" and P.O.D.? I was told by my compliance officer that there is a difference.
09/16/2002
I have an IRA account holder who died last week. It is after his RMD. His beneficiaries are his girlfriend (dob 2/28/41), his son (dob 11/25/50) and his daughter (dob 3/15/54). Please tell me the beneficiary options under the new IRA beneficiary rules. I have myself thoroughly confused as I read through the new rules.
08/12/2002
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.
06/03/2002
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?
04/01/2002
What is the difference between and irrevocable trust and a revocable trust?
03/11/2002
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?
03/04/2002
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.