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Latest Compliance - POD Topics

Joint Acct. w/ PODs- "Trust Under Agreements"

04/22/2018

A client wishes to open a joint account and designate 3 POD's; 2 are "Trust Under Agreements" and the 3rd is an actual person. First, I don't see the 2 beneficiaries as conforming to the FDIC definition of a beneficiary. I have concerns with that. Furthermore, is it permissible and what are the ramifications in allowing it? Or should this be handled in a bank with trust services?

POD Account: Transferring Funds to Estate

01/31/2016

A member has passed, and her account was a POD account, with 3 beneficiaries listed. The executor of her estate has come in, asking to transfer the funds to the estate. Do we pay out the beneficiaries, or do we follow the executor, and transfer funds to the estate account?

Is Beneficiary on Account Also Beneficiary on CTR?

02/16/2015

Is a beneficiary on an account also the beneficiary on a CTR? For example: checking account is a sole-ownder account in the name of Mary Smith, her son John is listed on the account as beneficiary. Mary makes a $15,000 cash deposit. On the CTR is John also to be listed as beneficiary? I know that all joint owners are, but can't find anything that pertains to this, because if Mary were to pass away the funds become John's (So he could ultimately benefit from the funds).

Can Executor of Will Redeem POD Certificate?

09/08/2014

Can an executor of a will or estate redeem a POD certificate of deposit on behalf of the POD individual? The example is that the POD party is located outside the country. So how can we prove that they are who they are, if they cannot show up in person to redeem a the CD.

Letters POD Required in Address Info on Statement?

05/13/2013

Do the Letters POD have to be in the address information on the bank statement as long as the POD information is designated on the signature card? I understand the account title has to match the card- but does POD HAVE to be there?

POD Beneficiaries Who Are Not US Citizens

03/11/2013

An account holder passed away and named POD beneficiaries who are not US citizens and do not reside or work in the US. No relation to the US other than a family member left them money. The beneficiaries each want to take their share of the account however do not have SSN or ITIN. What do they need to do? These are non IRA funds.

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Most Popular Compliance Content

Handling Reg E claims on older transactions.

06/23/2019

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Open DBA Under LLC- Certificate of Assumed Name

06/23/2019

We have a LLC wanting to open a DBA under the LLC. The TIN number and the Article of Organization only has the LLC's name. 1. Does the LLC need to get an Certificate of Assumed Name filed with the Secretary of State? 2. Will they have to file the DBA at the county also? (We know at this time the DBA is filed under someone else's name at the county currently.)

Opening Online Acct. & Funding w/ACH Debits

06/16/2019

Our digital channel team would greatly appreciate your comments and confirmation of our understanding in order to comply with online account opening and funding for new clients with ACH Debits and the ability to hold funds. The questions below relate to an online account opening process for new clients. After completing the online application, approved clients have the option to fund their new account with funds from an external source – an account they hold at another bank - via an ACH Debit and we are the ODFI. 1. Can we place a hold on the initial funds received as an ACH Debit? Our understanding is “yes” because: · an ACH debit does not fall under the definition of an electronic payment under Reg. CC (II.Section229.2 Definitions (p)) Electronic Payment, which imposes no availability requirement, and we are free to hold the funds for a period that we determine. Restricting access to those funds would be reasonable to allow for the debit entry to reach the RDFI and be returned to our bank, the ODFI, if there is a problem. · We are not receiving an ACH credit as we are the ODFI of the ACH debit, and NACHA has no say in when we credit the new account, so there would be no violation of NACHA rules.</ul> 2. Would we be required to provide a hold notice to our online account applicant of the delay in availability or a notice at the time the external funding option is selected that the funds may not be credited to the account for “2-3 days”, or available for “2-3 days” suffice? Our understanding is: · a notice that indicates funds may not be available for x days at the time the customer selects the external funding option and submits their authorization should suffice as it becomes part of our agreement when the customer selects that funding option. · Reg. CC does not impose an availability requirement for ACH Debit transactions, so no Reg. CC hold notice is required. 3. Would our Reg. CC Policy – Funds Availability Notice, need to be updated to refer to availability from ACH Debit transactions? · Model language is silent in this regard, any recommendations or suggestions are welcome.

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