Ken Golliher is a principal with Pegasus Educational Services, LLC., a training firm organized in 1996 with headquarters in Louisville, Kentucky. Pegasus specializes in technical and regulatory instruction for financial institution personnel. He is an experienced banker with a unique ability to reduce complex legal concepts to plain English. He has explained the "why" and "how" of regulations to thousands of financial institution personnel and examiners. Ken's banking career began in 1972 and includes serving as a teller, commercial operations manager and as trust department legal counsel in a state and a national bank. For ten years he headed the education division of a regional consulting firm for financial institutions. He has served on the faculty of the LSU Graduate School of Banking, the OTS' Level I Compliance School and the FDIC's Advanced Consumer Protection school for examiners. Ken has also been an instructor at compliance schools sponsored by the Illinois, Georgia, Indiana and Nebraska bankers associations.
I have two customers, Harry and Larry, that have had checking accounts with our bank for more than 30 business days prior to opening a new business account titled xxxxxx LLC. Would this be considered a new account per Reg CC guidelines since the business has not had any accounts with our bank?
Can an LLC have a Pay on Death beneficiary?ken
If a person selected her Durable POA which currently is included on all accounts as a Beneficiary, would it be okay to accept the POA and allow that person to be listed as POA and Beneficiary?
If a customer has a business account with it's own TIN and it becomes overdrawn, can we use his consumer account for the right of offset?
My question has to do with scams involving fraudulent checks and how we should handle the check when a customer presents it for payment. Specifically, we had a customer bring in a check for $2,900 that just didn't feel right for the type of business the customer normally conducts. The teller inquired about the check. The customer explained that he had enrolled online as a secret shopper. He was to keep $300 for himself and spend the other $2,600 buying specific merchandise to send back to the company that sent him the check. The teller called the bank on which the check was drawn and was told that it was fraudulent. We have had a law enforcement official tell us that we need to deposit the check anyway, put a hold on the account so that the funds are secured, and wait for the check to be returned so that we have a paper trail and proof that the check is fraudulent. In addition,
once we have proof that the check is fraudulent, we should give the returned check back to the customer so that they can file a complaint with law enforcement. Is this the proper way to handle the check?
Based on the change to Texas law Sec. 506.001. CONCEALED HANDGUN LICENSE AS VALID PROOF OF IDENTIFICATION.
(a) A person may not deny the holder of a concealed handgun license issued under Subchapter H, Chapter 4l l, Government Code, access to goods, services, or facilities, except as provided by Section 52l.460,Transportation Code, or in regard to the operation of a motor vehicle, because the holder has, or presents, a concealed handgun license rather than a driver's license or other acceptable form of personal identification.
Does this mean that community banks must accept the concealed handgun license as a primary form of identification? Or can we use it as secondary to other identification and still be within the law?
The majority of our IRA customers have their spouse listed as beneficiary. When an IRA holder passed away, we would change the title to the "Spouse as Beneficiary of the deceased IRA" and their SS# if they chose to not treat as their own. We had two IRA holders (in RMD) pass away this year and had multiple children listed as beneficiary. We set up separate accounts for each child as "Beneficiary of the fathers IRA" and transferred the funds to them. This was done "in-house" with transcodes to just transfer
the funds to the separate accounts (no paper work other than the entries). What is the proper way to handle the transferring of accounts like this? Should we have completed new account paperwork for a new IRA account? For CIP purpose?
We have a business account with approximately 8 authorized signers and a qualifying transaction from the night drop. On the CTR, I understand that the Night Drop explains why you have not identified a conductor, but do I list all the authorized signers on the account (all parties benefit from deposits) or just the business?
Is a bank required to give its business customers a schedule of fees?
If an individual NOT on an account is making only a deposit, are we required to gather CIP information on them?