We have a customer who deposits money into her dads account monthly. These deposits are from her account with another bank. She is adamant about making the check out our bank instead of her dad and we deposit the check with our bank as payee into her dads account. Where can I find documentation for her that this is not acceptable?
Can I restrict an account up to 60 days for investigation purposes when depository account experiences return items that return as fraudulent or unauthorized? Also can the 60-day restriction be extended after each returning deposit? When do I start counting the 60 days? When the last return item is received? EX: receive 1st return item on 10/1- 60 days is 11/29, receive 2nd return item on 10/3 can I extend the restriction until 12/1, so on and so on?
Marketing has created a list of services that the bank offers (checking, savings, loans, investments, etc.) in a creative design. The window cling will only be visible inside the bank. The bank name, member FDIC, Equal Housing Lender and Not, Not, May are not included on the window cling. Can we omit these disclosures since it is in the lobby and the list is generic?
I've never seen an IRS levy handled this way. The levy puts a hold on the account for 21 days before the bank sends the money. The 21 days is to give the customer time to get the hold released. Is this common?
I have a new customer who has a single member entity that is disregarded for tax purposes (rental income and expenses are reported on personal tax return), but has been assigned an EIN separate from his SSN. The entity is 12 years old and he has misplaced his letter from the IRS verifying the LLC's EIN. What is the easiest way to document this to comply with CIP procedures? Can I take his and his accountant's word that the EIN is correct?