Would an account set up for an estate qualify for a NOW account? If it does qualify would it make a difference if the SSN of the deceased is used or the SSN of the executor? We have some accounts that attorneys insist that we use the SSN of the deceased, even though the IRS specifically states that the SSN no longer exists when the owner of the SSN is deceased and that a EIN would be required. We could classify an estate as a fiduciary account, would that have any relevance as to the qualification for a NOW account?
I know Corporations cannot have NOW accounts, but what about Subchapter S Corporations? We have a customer coming to us from another state where he was told first by a bank there that he could not, so he asked them contact the Federal Reserve. He contends that bank was told by the Federal Reserve that he could have an interest bearing account and his account was changed a NOW account. Was this right, and has the rule changed?
What are the NOW account requirements in regard to farm accounts eligibility? I have a situation with a father/son/son is this eligible?
The US Customs Service has implemented Operation Green Quest.
We are having a debate over interest bearing checking accounts to certain business customers. What are the businesses, if any that you can pay this type of interest to??
I have a corporate customer who is a nursing home. They have asked for an interest bearing account to be used as a trust account for their patient's money. They stated that they are required by their state regulators to maintain an interest bearing account for these funds, but they must be able to release patient funds on request. Therefore, they have more than three third party checks in every statement cycle. This precludes them from being able to have a money market account and their corporate standing keeps them from having a NOW account. My question is, "Is there an exception to the NOW account rules that would allow a corporation acting as a fiduciary to have a NOW account?"
If a customer is only transferring funds from his NOW account to his own checking account, can he make six transfers within the statement period by check without violating Reg. D guidelines? Can this info be found in Reg. D?
Could you explain the difference between a MMDA and a NOW account to me?
What is the exact definiton of a NOW Account(is NOW an acronym)? Is Reg D what keeps corporations from earning interest on checking accounts?