What is an LEI? Do we have to use it to establish beneficial ownership certification?
My question has to do with scams involving fraudulent checks and how we should handle the check when a customer presents it for payment. Specifically, we had a customer bring in a check for $2,900 that just didn't feel right for the type of business the customer normally conducts. The teller inquired about the check. The customer explained that he had enrolled online as a secret shopper. He was to keep $300 for himself and spend the other $2,600 buying specific merchandise to send back to the company that sent him the check. The teller called the bank on which the check was drawn and was told that it was fraudulent. We have had a law enforcement official tell us that we need to deposit the check anyway, put a hold on the account so that the funds are secured, and wait for the check to be returned so that we have a paper trail and proof that the check is fraudulent. In addition, once we have proof that the check is fraudulent, we should give the returned check back to the customer so that they can file a complaint with law enforcement. Is this the proper way to handle the check?
If a customer has a business account with it's own TIN and it becomes overdrawn, can we use his consumer account for the right of offset?
If a person selected her Durable POA which currently is included on all accounts as a Beneficiary, would it be okay to accept the POA and allow that person to be listed as POA and Beneficiary?
Can we open a low profit LLC?