Vendor Guru Q&A - Compliance

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Latest Compliance - Corporate Accounts/Checks Topics

Opening Professional Limited Liability Company

08/25/2019

We have a customer wanting to open an Professional Limited Liability Company. What should the bank get for documentation? Do we need the Admission to Transact Business and Articles of Organization?

Open DBA Under LLC- Certificate of Assumed Name

06/23/2019

We have a LLC wanting to open a DBA under the LLC. The TIN number and the Article of Organization only has the LLC's name. 1. Does the LLC need to get an Certificate of Assumed Name filed with the Secretary of State? 2. Will they have to file the DBA at the county also? (We know at this time the DBA is filed under someone else's name at the county currently.)

Can a Corporation Sweep from a Personal Account?

05/12/2019

Can a corporation sweep from a personal account? We say no but are checking what you think?

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

Premium Content View All

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

How to Complete a CTR for an Estate

10/13/2019

How would I complete a CTR for an estate? The Trust Dept. opened deceased customer's safe deposit box and found $75,000 in cash. Funds were then deposited into a trust fund. I know the trust employee will be the transactor but how do we handle the "on behalf of"? Do we just put customer's name even though he is deceased? There's no where to put "The Estate of ..."

US Person and NRA on account? Whose TIN?

10/13/2019

If there is a US Person and a Nonresident alien on the account, do we have to have a FTIN?

Get in the FDIC's Good Graces: Qualifying for the CBLR Framework

10/13/2019

What is the Grace Period for the Community Bank Leverage Ratio (CBLR) Framework?

How Long to Sign Forms for Fraudulent Checks

10/13/2019

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?

Trust Agreement Need to be Signed/Notarized?

10/13/2019

We have a business organized as a trust that is opening an checking account for a bingo unit. There is only one person named in the Trust Agreement. His name is Mike. Mike is named as a trustee/designated agent in the Trust Agreement. He is wanting to add his bookkeeper, Kim, to be an agent on the account. Is this allowed for trust accounts, or are only people designated in the Trust Agreement allowed to be on the account? Also, the Trust Agreement is not signed or notarized, which raised some questions for our New Accounts Rep. Does the Trust Agreement need to be signed and/or notarized?

Latest Compliance - Corporate Accounts/Checks Topics

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