Should A Bank Cash Check Made Payable to Corp?
10/14/2018
Should a bank cash a check made payable to a corporation or any business?
John Burnett
Bio:
John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events.
Contact info:
You may contact John via email at jburnett@bankersonline.com.
Questions Answered
Teller Shortage Due to Typo (Deposit)
09/30/2018
A customer was depositing a Not On Us check for $1500 into his checking account for $1200 and was supposed to receive $300 cash back from the transaction. The teller mistakenly keyed $1500 into the cash recycler and handed the cash directly to the customer. This is proven by video surveillance and the reporting tool from the cash recycler, which shows the denominations of the bills he received. The cash back totals $1500, is time stamped for when he is at the teller window and has the teller #. Is this sufficient proof so that the Bank can the bank legally debit his account for $1200? The customer has hung up on bank employees when we have attempted to contact him.
Single Member LLC: More Than One Signer?
09/30/2018
Can a single member LLC have more than just one signer on the account?
Money Market Eligibility Requirements-Charitable
09/23/2018
What types of accounts are offered to charitable organizations? Can they open a money market account and what are the money market eligibility requirements?
Removing Safe Deposit Renter In Joint Lease
09/23/2018
When one safe deposit box renter wants to remove the other renter in a joint lease do I: 1 - simply retype a new contract with the remaining renter and keep the same box for the one keeping the box? (basically an update) 2- close out the box and open a new one with a new contract? 3- if I am going to close out the box and open a new one what keeps me from opening the same box prior issued? I currently close out the box and reissue a completely different one with a completely new contract.
Can Rep Payee Name Themselves As Beneficiary?
09/23/2018
Can the Representative Payee on an account name themselves as the beneficiary of the account, if the owner of the account wants them to be the beneficiary?
FinCEN 314(a) Screenings for Employees?
09/23/2018
I have two questions regarding FinCEN 314(a) screenings. Is the institution's employee required to be screened against the 314(a) list? Are there any regulatory or legal issues with screening employees against the 314(a) list?
TRID Notification-Rate Lock Agreement Necessary?
09/16/2018
Is a rate lock agreement necessary now that the TRID loan estimate includes notification that the rate is locked?
Reg CC Hold-Cashier's Check & Personal Check
09/16/2018
Please advise on the following scenario: Customer deposits a $4000 cashier's check with a $5000 personal check (total deposit $9000). This is not a new account and we have no reason according to Reg CC so be able to hold the cahier's check. The teller wishes to place a case by case hold on the remaining $5000 of the deposit. Per Reg CC would she only be able to place a hold for $4800, or could she hold the whole $5000 for two days because she has already released the $4000 due to the cashier's check?
"Payable on Death" Acct. Bypass Beneficiary?
09/16/2018
May a "Payable on Death" account bypass payment to the beneficiary and go straight to the estate account if the Executor requests this?
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