Most Popular Compliance Content
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.
Regs/Requirements for Time Deposit Accounts
02/17/2019
Our company is wanting to offer Time Deposit accounts. I have read Reg. DD and I see that Time Deposits have certain restrictions on withdrawal periods and penalties but I don't think they are much different than Certificate of Deposits and Auto Save IRA CD's. Basically if we adhere to TISA requirements are we okay to offer these or should I be looking into any other regs or requirements?
Trust for a Revocable Trust-Check Acct. Style
02/17/2019
Can a checking account be styled In Trust for a Revocable Trust?
Guidance on Timeline for Issuing Debit Card
02/17/2019
Is there language in any regulation or even industry guidance on the timeline for issuing a debit card once a customer has requested one? I suspect one of my bank's branches is waiting 90 days to issue every single card. At minimum, I want to streamline the process so that cards are issued on the same schedule across all branches, and just want to be able to defend whatever timeline we use.
3 items for Reg E liability
02/10/2019
A customer had a charge out of his account six months ago. That’s old and means he has unlimited liability so we don’t have to investigate it. Is that right?
