Trustee's Leave SSN of Grantor as Tax ID?
01/07/2018
If grantors of a trust are deceased, can the trustee's leave the SSN of the grantor as the tax ID for the account and can they make deposit into the account not payable to the trust specifically?
Ken Golliher
Bio:
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.
Areas of Expertise:
Compliance Seminars
Questions Answered
Successor Trustee: Amend Trust to Convert It?
01/07/2018
If we have a Revocable Trust and the Trustee dies, must the Successor Trustee have the Trust amended if they want to convert it into a Irrevocable Trust with an EIN? We will open a new account. Where do they get the Trust amended?
Business Acct. w/DBA-Add as Signer as Well?
12/31/2017
A wife requests to open a business account and add a DBA listing her husband's name. The account set up would be: Jane Doe DBA John Doe. Jane Doe is listed as the owner/signer on the account and then her husband's name listed as the DBA on the account. She also presents a letter from the IRS indicating an EIN has been assigned to John Doe with no actual business name listed. Is this considered normal practice? Should John Doe be identified and added to the account as a signer as well?
No Guns/No Hats/No Hoods Signs
12/24/2017
We are thinking of posting No Guns/No Hats/No Hoods signs at our locations. To handle any customer concerns does anyone have talking points for employees to discuss with customers concerns/complaints?
Guardian/Conservator for Incapacitated Adult-IRA
12/24/2017
Is a guardian or conservator appointed by the court for an incapacitated adult allowed to transact business on the adult's IRA?
Due Diligence-Purchase Share Thru Participations
12/24/2017
During a recent FDIC exam I was asked for the proof that I am doing some kind of due diligence on the loans that we are purchasing a share of through participations. I happen to have sent a compliance warranty last year, because I had heard some chatter on this. My question is, 1. does it state this requirement anywhere in regulation 2. Does this have to be re-certified annually? 3. Can an acknowledged statement on the loan documents signed by an officer of the other bank take the place of a formal letter?
Pay All bank or Return All Bank on Overdrafts
12/24/2017
I'm trying to search advantage, risks, pro vs cons of being a pay all bank or a return all bank on overdrafts. Not having much luck. Do you have any references or ideas on where to go that you could send me?
Forms: New Customer Opens Deposit Accts. w/IRAs
12/24/2017
What forms per regulations/laws, besides disclosures, are required for a new customer opening deposit accounts, including IRAs?
Can CU Open Acct. w/o Current Address on License?
12/17/2017
Can a credit union open an account if driver's license address does not have a current address, or should we ask for proof of new or current address?
Indemnity Agreement-Initiated Before 30 Days?
12/17/2017
Should an indemnity agreement for a lost negotiable instrument be initiated before the 30 days after issue? Is there any legal liability in doing this before the 30 days? Does the indemnity agreement have to specify that the 30 days is a factor?