In order for our customers to get the appropriate FDIC coverage for revocable trust accounts, how should an account be titled that has multiple beneficiaries, ssing the word "or", "and" or nothing at all? For example:1) Jane Smith ITF - John Smith, Dave Smith, Paul Smith2) Jane Smith ITF - John Smith, or Dave Smith or Paul Smith 3) Jane Smith ITF - Jane Smith and John Smith and Dave Smith Does it become the bank's responsibility to divide the estate equally between all beneficiaries upon a death?
A deceased customer had a consumer savings and a consumer checking account. An EIN number for an estate has been given to us. Do we change the present consumer accounts to an estate account using the same type of interest bearing account for consumers, or do we start new business accounts with the estate EIN number? The business accounts would have different interest, service charges etc., or can we just keep the accounts as they are and change the name to an estate and change to the EIN number?
Our credit union has always opened trust accounts and allowed the trust to be listed with the trustee's social security number if a TIN was not assigned. Someone now told us we should let the ownership only reflect the trustee's with their respective SSNs if we have no tax ID number. Is this true?
We recently had a customer request an account title be changed from a sole proprietorship to a corporation. The customer presented the proper documentation, but requested that the same account number be used. What are your recommendations and concerns regarding this request?
What is the proper way to set up a sole proprietor account when the sole proprietor provides a TIN? Should it be set up as a DBA or simply under the business name?
In order for a payable on death account styling to qualify for FDIC insurance as a testamentary account, must the title of the account contain the payable on death or POD wording or can the account agreement specify that it is a POD with a named beneficiary?
What is the correct legal titling for a doing business as account? Can it be titled Jane Doe d/b/a Milly's Ice Cream or Milly's Ice Cream Jane Doe dba. Can either title work?
Can an account be set up in a DBA's name when it is an LLC based DBA, i.e. ABC LLC is doing business as XYZ, can the account be set up in the name of XYZ?
If a sole proprietorship account is styled Jane Doe dba Jane's Jeans, we would use Jane Doe's SSN for the tax ID. If Jane's Jeans has its own EIN, should the account be styled the same? I always understood the first name on the legal title should match the tax ID number.
What should be the exact name titling on an UTMA account?