A spouse dies on a jointly owned CD. Can the name of the deceased be removed and the CD continued to maturity? OR do you let it mature and then change the ownership? Is there a penalty for changing only the name due to the death?
Are indirect auto finance companies required to comply with SARs reporting?
I participated in a recent seminar where BOL Guru Dana Turner was the presenter. He mentioned that there might be a conflict of interest if the bank's Security Officer was also a director. I am in that position and I have discussed this with the Board/Executive Committee and was told today that they had talked with our bonding company and were told this was not an issue. What is the rational for ensuring that our Security Officer should be an employee, rather than a director?
Currently, we don't require our non-resident alien accounts to have ITINs. My understanding is that a non-resident alien can receive an ITIN or SS# (in some cases). With this new reporting requirement of interest paid to non-resident aliens, will we need ITINs on all of our NRA accounts? Otherwise what number do we report them under on the 1042-S?
If a bank, in the normal course of business does not regularly supply information to a CRA on consumers, are they required to provide new information as a result of an address discrepancy under Fact Act ID Theft?
We are a small community bank. We have 72 individuals who are non-resident aliens. They regularly wire funds to other countries and also receive funds into their accounts at the bank. These accounts are for students at the local university. The money is used for tuition, housing and miscellaneous expenses. If I am correct since they are not US Citizens FBAR would not be a concern. New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938) Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer's requirement to file FBAR. A chart providing a comparison of Form 8938 and FBAR requirements, and other information to help taxpayers determine if they are required to file Form 8938, may be accessed from the IRS Foreign Account Tax Compliance Act Web page. Also, we (the bank) have no foreign accounts and only transfer funds to other countries via wire using OFAC guidelines for our customers. Is there anything I need to be aware of for the Report of Foreign Bank and Financial Accounts (FBAR)?
Will we need to report interest for nonresident alien accounts? We have so few that the ones we have had in the past were not reported. Most have a SS#, can they be reported on a 1099-INT?
The new bank I am with gives Negative Information Disclosures with Adverse Action Notices. I don't see how this is correct since we have not issued credit to them therefore we have no negative credit to report personally. Am I correct? I've looked at FACTA and TIL and found nothing I can show the lenders.
I was wondering if it is common practice to create a customer information file for all individuals conducting a cash transaction regardless of the amount and account ownership. For example, creating a CIF for man who is depositing $20.00 to his friend's account as a favor. I've been told it needs to be done as a precaution for a possible CTR. Could this policy violate any banking regulations or is it supported by the Bank Secrecy and Anti-Money Laundering Act?
A joint account with right of survivorship that has a deceased primary owner: What are the ramifications of reporting interest earned on a deceased primary owner's SSN when an account has a surviving joint owner? Who is liable for these ramifications - we, the institution, or the surviving owner(s)? When a primary owner dies, we request that the surviving owner(s) close the existing account and re-open a new one in their name, but we don't REQUIRE it. Are we doing something wrong?