When an account requires two signatures to be present before the check is honored, how can the bank verify or allow an account like this to have ACH debit transactions or checks that have been converted into an ACH transaction? The bank does not want to be held liable for something like this if the two signatures are not available to verify.
A corporate customer's account was recently compromised. Information from an authentic check was used to create fictitious checks. Numerous $100 checks were negotiated. The fake checks don't include a payee name. In addition, the checks don't have any type of endorsement. If we consider these checks bearer instruments, and no endorsement is required by UCC, do we have any recourse with the institution who processed the (fictitious) checks, or is the loss on our side since the customer failed to identify the fake checks in time for a timely return?
Can an authorized signer sign on behalf of a business for backup withholding on a signature card? Our Backup Withholding portion states "Under penalties of perjury I certify that I am a US Person and that I am not subject to back up withholding." This verbiage is confusing our client. How can we explain to the signer the need to endorse on behalf of the business, or is that even required for a business account?
When a corporation has an account titled "Smith mowing DBA Jones Hardware," may we accept deposits in both company names into the one
We are on the verge of implementing eSign for our branches for maintenance tasks in addition to account opening and lending. I think this will help with some customers who tend to change signers rather frequently, such as with closers on settlement agents' accounts. I'm beginning to consider whether collecting their signatures on Resolutions adds value, or whether an authorization from the principals in the Resolution is sufficient? I am also considering whether we can use a separate authorized signer list with signatures as an appendix, rather than re-creating a signature card every time there is a signer added or deleted. Am I behind the times?
We have a client who owns several business accounts under a corporate DBA. The accounts are titled "ABC Corporation, DBA DEF Company". He also has the Family Trust listed under each account. We are told that he cannot have business accounts under the trust because once a trust, always trust. Will he then need to close and reopen these under the Corporation?
Can a check be cashed if it's payable to Susie Q dba ABC Flowers?
Would it be considered co-mingling of funds if a customer is making business related purchases on the personal account?
We have a customer that we suspect may have several fraudulent checks written against her account. How long does she have if they are fraudulent,
to sign the forms that they are fraud?
What are your thoughts on a sole proprietor using a personal joint account for business transactions? Merchant deposits and payments are going in and
out of the account (less than 15 transactions a month). We have insisted that our customer open a business account for his sole proprietorship. Is it
wrong for us to require it?