We are one of those hold-out banks that issue passbooks for CD's. Beginning May 1st we are ceasing that practice and just printing a signature card similar to checking and savings accounts. The Mass Banker's Handbook states that: "If individuals lose their passbooks or certificates of deposit a Lost Passbook/CD affidavit must be completed and signed by all parties named on the account.....". My specific question is, does the use of the term CD certificate mean the signature card, or does it refer to institutions that issue actual "certificates", much, like stock certificates used to be issued?
During account opening for a new business customer the branches verify that the required annual filings with the state are up to date. As new accounts are opened for existing business customers a CDD questionnaire is completed for each new account, however the branches are pushing back regarding verifying that annual state filings are up to date. I haven't been able to locate any guidance on whether this is a requirement or a recommended best practice. Can you please advise?
Should the owner of a sole proprietor business account cash checks made payable to him personally using the business account?
If a customer purchases a cashiers check with cash over $10,000 I know the CTR is required, but are we still required to do the check log? I thought the check log register was only for amounts $3,000.00 - $10,000.00.
For account opening, my bank requires a separate application, signature card, and Uniform Single-Party or Multi-Party Account Selection Notice. Is there a regulation/law/code that requires all of these to match? While auditing, I noticed POD selection and information missing from an application; however, the beneficiary has been named [properly] on the selection notice. Do I need to have the customer complete a new application?