The "Wire Transfers and Reg D" question and response regarding whether or not outgoing wire transfers count in the Reg D limits was first published on 12/1/03. In that response, it was noted "if the request is presented at the bank in person or by customer-hired messenger (or other agent of the customer), it need not be counted under Reg D requirements." For clarification purposes, if an outgoing wire transfer is presented at the bank in person and the beneficiary of the wire is a third party, does the "third party" feature trump the "in person" transaction, making the transfer count in the Reg D limits?
In regard to KYC and CIP, what personally identifiable information is the bank required to obtain for the beneficiary of an account? Full name, address, social security number and date of birth? We want to make sure that we are in compliance but a social security number and date of birth aren't always available for the beneficiary to the individual opening an account.
Question: Our loan manager wants to introduce an incentive to anyone who purchases a home from a certain builder (one of our customers) and subsequently finances the home through o
I have an Illinois UTMA account in my son's name. He turned 18 this year. Can I withdraw the funds for him and pay the taxes myself, as custodian? Am I able to close the account and be responsible for any taxes?
Does the beneficiary of an IRA have to pay taxes on money received from an IRA when the owner dies? Is this income taxed at the "ordinary income" rate?
Question: We had an elderly customer who had certificates of deposit with different family members named as beneficiaries on each CD.
Are there any laws or regulations mandating an annual review of beneficiary designations for existing IRAs?
Is it acceptable to style a deposit account with a family trust as the beneficiary? A customer has requested an additional account with him as the sole owner and his trust as the beneficiary in order to get additional FDIC coverage and keep his assets ultimately in the trust if he dies.
Question: Could you provide me with some advice on whether or not to provide RESPA disclosures in the following situation? We had a business loan with a limited liability company.
Can a single owner of a checking or savings account have a minor as the beneficiary of a Payable on Death designation?