Vendor Guru Q&A - Compliance

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Latest Compliance - Corporate Accounts/Checks Topics

Opening Business Account-Tax ID & Name Change

02/17/2019

We have a customer trying to open a business account. He has provided us with a 2017 Tax Return, which gives us the Tax ID under which the business is operating. I typed this Tax ID number into the Texas Comptroller of Public Accounts website and got a hit, showing that the business is in good standing. However, the name that was listed has been changed since the Comptroller website was updated (surprising since the 2017 Tax Return reflects this change). The company is not currently operating and, therefore, the individual opening the account does not have access to documentation of the name change for the Secretary of State office. The question is, do we have what we need to open the account? The tax return and Comptroller website verify that the Tax ID number is valid and in Good Standing, but they disagree on the business name.

Deceased Corporate CD Signer-Adding Signers

02/04/2018

A corporate CD signer passed away. The daughter and son would like to be added to said CD. On the State of Florida's Division of Corporations web site, both son and daughter are registered for the corporation. The daughter shows as a registered agent, and the son as officer/director plus there is a third person who is also as officer/director. Can we add the daughter and son as signers on CD? Do we have to add the third person as well, or does a court document and/or trust need to be presented showing son/daughter/3rd person as either owners/trustees before adding the names?

What Happens When Customer Passes-LLC Using EIN #

10/22/2017

We have a single-member LLC using an EIN number. The member is asking what happens to the account when he passes away, will it go to his estate or does it need to be in his business papers to show where is goes? The account is held in Iowa and they run the business out of Minnesota.

Options For Placing Holds On Large Overseas Checks - Mary Beth Guard

08/11/2003

Options For Placing Holds On Large Overseas Checks
by Mary Beth Guard, BOL Guru

Life After The Moratorium

02/07/2003

by Sam Ott, BOL Guru

Specific Wording When Handling Non-endorsed Checks

09/17/2001

by Mary Beth Guard

Reg CC Training

08/27/2001

Sample Transactions Under Reg CC
by Bonnie Mizrahi

Drawee Bank Not Required to Examine Checks for Forged Endorsements: BankersOnline.com BOL Vendor Gurus

03/26/2001

Drawee Bank Not Required to Examine Checks for Forged Endorsements
By Craig W. Smith, J.D., Author, CCH DEPOSIT LAW NOTES.

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COMPLIANCE Q&A: Multiple control people for the same EIN?

Question: Is it possible to have different control people for different accounts with the same Employer Identification Number (EIN) or should you have the same control person for a

Protected Funds Apply to Child Support Levies?

04/14/2019

I recently did an e-train webinar, regarding California Levies/Subpoenas as my credit union is located in California and Oregon. In this e-training the instructor told us that protected funds do not apply to child support levies. I have been to many seminars regarding levies and subpoenas and I have never been told this. I was taught of course that IRS levies do not apply to protected funds, but never child support. Does this rule only apply to California or to all states?

Reg E Unauthorized Transaction w/PIN Issue

04/14/2019

REG E, if a consumer has given his or her PIN to a friend, the friend later steals the card [and uses it without authority], are we required to give them their money back under Reg E?

Family Trust-Individuals Use Separate SSANs?

04/14/2019

John and Cindy both have individual accounts and just created a family trust which has no tax number. Can they use their separate SSANs for the account without adding the other person as joint owner?

Violation if Make ATM Unavailable for Week?

04/14/2019

If we deactivate the card reader access to ATM area and make ATM unavailable for about a week, will it cause any violation on to regulation? Our bank’s ATM is inside a building. Anyone who wants to access the ATM machine needs to get in the first door with access via a card. There is another door before you get to the bank’s lobby. There is a small area between the first door and second door. Recently we found a homeless person who gets in that area around midnight and sleeps there. Even worse thing is he urinates during the night and leaves unpleasant smell before leaving early in the morning. We are hoping the person will find a new place to stay if we temporarily shut it down.

State Requirements: Lender-Placed Insurance

04/07/2019

I'm looking for a resource that can provide the state-specific requirements for lender-placed insurance notifications - this would be above/beyond the CFPB model forms.

Latest Compliance - Corporate Accounts/Checks Topics

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