On mortuary trust accounts, can the trustee sign the W-9 form on behalf of the customer and certify that there is no backup withholding, or do customers have to sign for themselves?
Can you tell me what a "Coogan" account is and how they're suppose to be set up?
At our bank we open Escrow Trust Accounts. Our customer is the Escrow Company and they are opening accounts under their client's name and social security number as a trust. We are only obtaining the name and social security number of these individuals. Are we obligated to ask the escrow companies for more information on their clients, such as their address and date of birth and identification?
Although I have read through most of the information on the site referring to funeral trust accounts, there is always another question that comes up. We have a branch that wants to have the funeral home sign a letter authorizing all the CDs in place of having to sign a signature card for each one. Would any problems be created if we adopted this practice? In addition, any other suggestions regarding a good procedure for opening funeral trust accounts would be appreciated.