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.
Who signs the Beneficial Ownership Certification form where it
states " I,____, hereby certify, to the best of my knowledge, that the
information provided above is complete and correct ? The bank employee or the
Beneficial Owner who is opening the account?
What disclosures are required on an annual IRA statement?
Is it "legal" to place a hold on a checking account for a long period of time for a past due loan payment or to recover another charged off checking account? This may put the account with the hold on it in the negative.
I need an updated answer for 2016! Please re-enforce that "unable to verify funds" is not a valid Reg. CC reason to place a hold on funds.
Can the Credit Union exercise their "Right of Offset" on a business account to pay a delinquent personal loan where the principal owner is listed as a signer?
Our procedures currently allow customers to close their safe deposit box by mail if they sign and have notarized an affidavit we provide. Our procedures state the box must be opened by two bank employees and an outside Notary who will attest to the contents. If the customer states on the affidavit that the box is empty should we still require the outside Notary to witness the opening?
We have a hold harmless clause in the affidavit that states the following:
"In consideration of the Bank’s accommodation to me as requested, I hereby release, discharge and agree to indemnify and hold XYZ BANK harmless from any and all responsibility of liability, claims and causes of action under and pursuant to this instrument, or in any way relating to the contents of said Safe Deposit Box."
One of our customers has approached us and asked that we convert his partnership account to a sole proprietorship account. Can he operate the same account as sole proprietorship or does he need to open a new bank account?
Can we charge a Money Market account a per item fee for each item that exceeds the allowable 6 withdrawals per month?
I have a group of customers who want to open a business account. The account owners will be a Partnership (with a partnership agreement with accompanying EIN) and two individuals. There is no formal partnership agreement amongst these three entities (Partnership, Individual A, Individual B). Would this be classified as a partnership, and what EIN should be used?
KYC/New Account Review- Is there an industry standard or specifically required process? My new bank requires KYC forms and we do a detailed 90 day look back for ALL new accounts. Where did the funds come from, the purpose of the account, and what are the activities on the account?
Is this necessary or required?