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.
Questions Answered
02/04/2002
Customer opened a savings account joint with son, wife and husband. The wife was the only one who signed the card. The husband came in and closed the savings and now the wife is calling to say he could not do that because he never signed the card. It was not a large sum of money but I need to know where we stand.
02/04/2002
In the state of Arizona, is a signature card reqired on a certificate of deposit? Our internal auditor says that in Kansas, if the client has signed one signature card for their original CD, if they wish to open any other CD's, no signature card is necessary because they signed the first one. This just doesn't sound right to me because it's my understanding that the signature card acts as an agreement between the client and the bank to hold the account under the terms stated in the accounts disclosuresfor any kind of account. Please clarify this for me, and tell me if it is different from state to state.
02/04/2002
I was asked by an officer of the bank I work for to issue a Cashier's Check to a company using his business check. He wanted the remitter to be someone besides himself or his company that the check was on. I know I have always been taught that your remitter has to be the person purchasing the check. If they wanted it to be from someone else you were to have that persons name F/B/O whomever else they wanted it to be from. Would I have been doing anything unlawful if I would have done this for him? He is also part owner of this bank.
02/04/2002
Is it OK to notify customers of a "change in terms" by using a message line printed on their bank statement?
02/04/2002
If a customer who is an American Indian does not have a SSN and refuses to apply for one, what do we as far as TIN certification for this person (W9/W8BEN)? She only has a US passport.
02/04/2002
IRA customer wants to designate as her beneficiaries her son and her daughter (5050), but if something happens to her daughter, she wants to ensure that her daughter's children receive equal parts of the daughter's share what does she need to do to make sure this happens?
02/04/2002
We offer an interest checking account to individuals 55 and over. To promote this account we will be offering a $10.00 bonus to anyone who opens a new account. In addition, anyone who signs up for direct deposit will be paid an additional $20.00. Is this $20.00 considered a bonus under Reg DD, since it is only being paid if the customer signs up for direct deposit and does it trigger the bonus disclosure requirements for advertising? The Compliance Department is saying the bonus disclosure is applicable because the customer has the possibility of receiving $30.00.
02/04/2002
Please respond with the simplest and easiest understanding and explanation of Reg D.
02/04/2002
Please give a definition of a guardian's account. Whose money is in the account guardian's or child's? If there is a judgment against the parent can a restraining order be placed on the guardian's account?
02/04/2002
I recently attended Ken Golliher's IRA Administration class. I am somewhat confused. We have a customer that opened an IRA with us a few months ago. He said that he did not have to take a distribution from his IRA that he transferred to AFB. He is 77 years old, isn't he required to take a distribution?
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