Family members of one of our customers came in to let us know our customer (sole-owner account) passed away; we now have a copy of the death certificate. The day after this happened, an SSI payment came into the account. Do we wait for the Government to reclaim the payment or should we return it?
We issue credit cards with our bank branding using an outside processor. When a business opens a credit card account and has cards issued to authorized users, who is our customer for OFAC purposes? Any card would be issued with titling of ABC Company John Doe embossed on the card. We currently run OFAC for the business but, not the authorized user.
Is it ok for someone to deposit checks into an account made payable to them when they are only an authorized signer on the account? And if the check came back do we have right of offset to charge that check back to the owners account?
Can a consumer credit card authorized user request an address change on behalf of the card holder? If yes, can they change the card holders legal address and mailing address? or just the mailing address. I cant find anything in writing anywhere.
Can a check payable to the signer on an checking account be deposited into a checking account with a Trust as the owner?
In a business account with two signers and two debit cards, can either one of the signers sign a claim on the other signer's card?
We have an organization that just recently changed signers. They have included the meeting minutes which specifies to remove the old signer but do not specify whoever the new signers should be. They did attach an Entity Authorization. Is the Entity Authorization enough for us to change signers
or does it have to be specifically addressed in the minutes?
When there is a power of attorney used on a deposit account, does the financial institution have to require the documents for every withdrawal or is taking a copy of the documents and having them on file sufficient?
If an authorized signer is removed from an account on 8/21/14 and outstanding checks issued on 5/2, 5/20, 6/5, 7/7, 8/8 & 8/18 clear on 9/3 by the removed signer, is the bank liable for paying those signatures after the signer was removed?
Can a minor be an authorized signer on a checking account?