Sam D. Ott is an attorney who specializes in banking and is of counsel with Phillips Murrah P.C. Prior to entering into private practice, Sam was Executive Vice President of Glia Group, Inc., the originator of BankersOnline.com. He was previously General Counsel and Secretary of the Board of BancFirst Corporation and BancFirst. Before his association with BancFirst, Sam served as Assistant General Counsel for The First National Bank and Trust Company of Oklahoma City and General Counsel for both First Interstate Bank of Oklahoma and Boatmen's Bank of Oklahoma.
You can contact Sam by email at sam@dapape.com or by telephone at 405-364-3346.
08/06/2001
Under the GLB Privacy Act this question was posted May a teller continue to record our customers' account number on the reverse side of a check when cashing a third party check for example Our customer Bob has a check made payable to him drawn on Joe Schmoes' account at another bank. When Bob cashes that check our teller records Bobs' account number under his endorsement. .Is this operation covered by Section 216.15(a)(2)(ii)?
07/09/2001
I recently saw television news cast that mentioned a bank had experienced large losses due to counterfeit checks. I know what a forged or altered check is, but what is a "counterfeit" check?
07/09/2001
We have recently taken a number of losses at our ATM's due to the unauthorized use of customers' ATM cards. Do you have any suggestions?
07/09/2001
I read an article several years ago regarding an IRS requirement that if there is joint account wros and the primary owner(1099 information reported under this person's SSN) dies, the 1099 for that year should include the interest for the primary owner only through the date of death. A new account should be opened for the surviving owner in order to correctly report the interest going forward. Is this IRS requirement still in effect? If so, would it be required for a husband and wife filing a joint return?
07/09/2001
Received an IRS Levy with an existing customer's name and an EIN. The accounts we have are Joe Blow Family Trust with a different EIN than the one on the levy. The other two accounts are styled, Joe Blow Special Account and Joe Blow both with the SSN of Joe Blow. We called the IRS and they tell us that because it has the right name on it, that is all that matters. This is 941 payroll tax for years of 98-99-00 so I don't think that would be correct. Looks like Joe Blow may have had a business at some point under the tax ID number on the levy, but we have nothing under it. Does the IRS have a legitimate claim to the funds in his personal accounts and the family trust account? I would say no, but then I could be very wrong.
07/09/2001
Our institution was recently the victim of a con artist who was retained to develop a marketing campaign. The initial work was completed but the final product was never delivered and we they discovered the company address was bogus and the phone disconnected. Unfortunately we paid for a portion of the work up front. What do you suggest we can do in the future to avoid this problem?
07/09/2001
What can we do to spot a fraudulent financial statement? We have taken some sizable losses due to a customer inflating assets and omitting liabilities.
07/09/2001
With the new revisions to article 9 of the uniform commercial code, the county filings are eliminated. Do theexisting county filings need to be renewed going forward?
07/02/2001
If we have a joint trust account with a husband and wife (both as trustees) and are using the social security number of the husband and he dies, can we change the TIN to the wife's social security number or do we have to have an EIN?
07/02/2001
Our bank has customers that purchase gas from various convenience stores in the area with their debit card. Forsome reason, the pre-authorization for the transaction is only for $1. When the transaction comes through several days later, the charge is actually for $20 (for example). This will, on occasion, cause the customer to be overdrawn. Is there a way to return these items when they are more than the preauthorized amount? Or must we pay the item and overdraw the account?