What is the most current decision on a bank off setting an overdrawn account that gets Social Security deposits?
The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?
What are the proper procedures to CIP for an attorney-in-fact (AIF) under a power of attorney? My question comes from an instance where we have a CIP grandfathered Amish customer and they would like to add someone to their account that doesn't have a TIN and refuses to get one. They went to an attorney to get around the CIP restriction and made him an AIF so he wouldn't have to go through the normal CIP process. Is an AIF considered a customer under 103.121?
We have customers who have social security checks for dependents made in the following manner: "John Doe For Jane Doe" wherein in some cases the dependent is either a child or disabled person. I argue that these checks are payable to "John" as he is the first payee, and "Jane" is not actually a payee. Therefore, the check should be negotiable by John, or depositable into an account held solely by John. My FI has recently instituted a rule requiring these types of checks to be deposited into a) a UTMA account for "Jane" b) a Rep-Payee account for Jane or c) an account held solely by Jane. As in many cases Jane is either a minor or disabled, I believe forcing an account to be opened under her name to be irresponsible banking. I would like to know the guidelines for negotiating a check made either to "John Doe For Jane Doe" or "John Doe For the Benefit of Jane Doe"
Do we need to run OFAC on a newborn baby whose mother or father have opened a savings account for the baby? We do have the Social Security number for the newborn.
If a loan is more than 30 days delinquent, can we withdraw funds from their escrow account to make their payment? Are we also obligated to pay their property taxes if there are no escrow funds available to do so? Also, please let me know where I can find the answer in the regs. I've searched RESPA with no luck so I'd like to know how to be better at researching.
This is in regards to Reg E. Say there is a member who went to an ATM and tried to deposit a check but was unsuccessful. Without cancelling the transaction or pushing "no further transactions" and receiving the card back, the member walks away from the ATM. During this time there had been another person waiting in line to use the ATM. Well as soon as the member left, the other person came up to use the ATM but noticed that the previous person hadn't cancelled the transaction and the ATM still waiting for further instructions on what to do next. The person withdrew $300.00 and then tried to withdraw more but was unsuccessful. Is this a Reg E claim? Obviously it is theft but I don't think it is Reg E due to it not being an error that the credit union made but the member made. I know that the Reg protects the member from being negligent but its not like the member lost the card with the PIN written on the card. The member never finished the transaction and walked away with the card still in the ATM waiting for further instructions.
Where can I find information on the use of IRA as collateral for a commercial business loan?
I have a loan for 3.7 million secured by 2 commercial buildings and (8) 4-plexes. We split our entries on the LAR. Would I divide the 3.7 million by 8 (the dwellings)and report as 8 entries on the LAR?
Does R of R apply to a mobile home without land refi?