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?
A business customer died 2 1/2 yrs ago. Due to estate disputes, an attorney was assigned to settle the estate. Recently the attorney sold the business.
The attorney and the new owner came to the bank and requested to have the attorney's name removed and to add the new owner to the existing account.
Due to several family members of the deceased having all the account information, I informed them that I would need to close the existing account
and open a new account. The attorney was not happy. They did not bring documents reflecting the sale of the business or documents reflecting the
owner name change being filed.
What is the standard or best process for this type of situation? Should a new account be established if the required documents are presented or is it
acceptable to simply change names and keep the existing account open?
If a customer has a business checking account in which they require two signatures on checks, are we required to get two signatures on stop payments or will one suffice?