Should the owner of a sole proprietor business account cash checks made payable to him personally using the business account?
What are the requirements in relation to counseling reports for excessive overdrawn accounts and what regulation can I find that in? We already send notification out each time an account is overdrawn more than 6 times in a 12 month period. We also contact customers via phone and letters at 15, 30, and 45 days of being overdrawn. Are we required to mention "counseling?"
We need to do a CTR for an ITF account because the custodian came in and withdrew over $10K. For filing guidance we see examples of deposits, but not of withdrawals. Should the beneficiary of the trust be on the CTR assuming that funds withdrawn were for them? All we know is that the beneficiary walked out with the money. Also, should "ITF" be shown on the CTR anywhere?
Can an account that is set up in a trust have a beneficiary listed on the account?
Can a business trust list beneficiaries on the trust account? For example, another bank would like to set up a trust account with our bank and list their customers as the beneficiaries.