10/01/2012
When opening a checking account with POD, is it required that the term "POD Account" print on the bank statement or is it sufficient that the signature card is marked and the POD designation with the name of the beneficiary is in the core related to the account? Can the Account just read "John Doe" or does it have to say "John Doe, POD Account"?
06/04/2012
Can an Attorney-in-Fact change a Payable on Death beneficiary on an account if the Durable Power of Attorney document does not specifically speak to that? Part Two: If an account currently has a POD beneficiary designation in the account title and we are now retitling the account to Jane Customer by Joe Smith, Attorney-in-Fact, where does the POD designation go in the revised account title?
04/04/2011
Who will own the funds? Account titled first line Joe Brown; second line Non-Profit Org. The Non-Profit Org. using the SSN of Joe Brown. There are two signers, Joe plus one other. I have suggested the Non-Profit Org get its own EIN, to clear up any confusion. Will the funds belong to Joe's estate at his death?
03/08/2010
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?
09/07/2009
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?
09/07/2009
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?
08/10/2009
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?
11/10/2008
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?
10/20/2008
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?
08/04/2008
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?