In filing a CTR we have a situation in which a sole proprietorship, the owner, and an authorized signer are on the title of the account. Is it proper to treat each of these individuals as beneficiaries in Section A?
This is a strange situation. We have a business account that we can not find resolutions for. From looking at the signature cards, it would appear that person A opened the account and added person B four months later. At some point in this business relationship, it went sour between person A and Person B. Person B came in and requested we remove person A from the account. We told person B that we had no authorization to remove person A based on person B's request alone. (got this?) We told both of them that they needed to resolve the situation and one possiblilty was to close the account reopen another with the sole person on it. What happened, however, was Person A withdrew funds while Person B wrote checks causing the account to go into overdraft. NOW person A wants to be removed. We say no, not until the account is brought back to zero. Please explain what procedures and/or regulations pertain to removal of names from a business account!
Can you give me any information on authorized signers on a business account?
Could you explain the difference between a MMDA and a NOW account to me?
Can a sole proprietor use the same EIN for several business tradenames or must he have a separate EIN for each business tradename?
Can sole proprietors be treated like corporations as it relates to privacy notices?
We are trying to establish a 5 point customer verification process. What are other financial institutions using? I've been told that it is not recommended to simply use social security and driver's license numbers as they are too easy to obtain on the internet.