We have an account of a deceased whos POD has a charge off. What are the rights of the bank to assume those funds?
Currently the Credit Union requires a member to sign an authorization for payoff when we are posting insurance settlement checks for cars that are considered a total loss. (checks sent by insurance company)
Is there any regulation that states we have to have the authorization signed or as lienholder can we make the business decision to
accept those checks and post them the same day?
If a customer names a non-profit or charity a beneficiary on their deposit account, do we have to obtain that non-profits tax ID number like we do for individuals?
We have a member who passed away last month and has a signature loan and a line of credit with us. Are we within our rights to place the funds in the account towards these loans?
Does a POD beneficiary of a pledged CD, or Savings account need to sign the security agreement?
When a Joint CD is used as a collateral on a loan must both parties pledge the collateral or is the one borrowing the money the only one necessary? If a loan is secured by a CD the has a POD on it must the POD pledge the collateral also for the loan?
When a Joint CD is used as a collateral on a loan must both parties pledge the collateral or is the one borrowing the money the only one necessary? If a loan is secured by a CD that has a POD on it must the POD pledge the collateral also for the loan?