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?
We currently keep both electronic copies and paper copies of every change made on our website. This is time-consuming to maintain. How critical is it to keep hard copies of our work, and what questions should we be asking ourselves to potentially reduce or eliminate unnecessary paper trails?
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?
We returned three checks that were written on 8/22 and 8/23 as forgeries. Today, I received a claim of late return. I thought we had 60 days to return these; can you please clarify the parameters for this?
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?