There has always been some confusion about a corporation, for profit, being allowed to have a money market account. Is that an option?
Vendor “v” Compliance and I’m in the middle. Scenario; Our customer goes to a casino, casino issues a card, customer uses it at the casino, casino uses POS entry class code and runs it through ACH network, customer does not have a debit card with us or has not OPT-IN. If the transaction is NSF can we assess a fee? I know we can return if necessary, our vendor has an identifier on the transaction so we know it came through ACH and can return it but have been told we cannot assess a fee unless the customer has OPTIN. My interpretation of 2017 NACHA rule book pages ORxxxvi, OR 18 and OR60 is that banks should be able to assess a fee because this is an ACH transaction not a Debit Card (POS, ATM) transaction. Which rules apply to this transaction?
When BSA holds an incoming wire because they need more information such as invoices, It is our procedure to send a service message to the originating bank and ask for that required info. Sometimes, we are asked to contact the customer and ask for that information from the customer. Is that against any violations or do you think that could offend the customer in any way? Should a specific dept like BSA, contact the customer for that information to avoid having a dept like customer service, that doesn't have any knowledge on that, say something incorrect?
I have a customer who passed away in 2014 with an IRA and no beneficiary listed. The customer was over 70 1/2 and no known RMD was taken in 2014 thru 2017 . The daughter came in with probate court papers appointing her as Personal Rep of the Estate. Am I correct thinking that the daughter needs a TIN for the Estate? Distribution from the current IRA (under deceased SSN) is coded as Death and Contribution in to an Estate IRA under the assigned TIN is coded as Transfer? Once this is completed do I take all of the RMD for 2014 thru 2017 from the Estate IRA? Also if the daughter wants to close the estate IRA, do I code this as a death distribution from the estate IRA?
Can Spouse A withdraw Spouse B's IRA Required Minimum Distribution on their personal IRA, since it is all reported on a joint tax return?