We are beginning to offer HSAs and the question has come up if the beneficiary must be the spouse. The IRS publication 969 does not indicate whether it must be a spouse, but we are in Texas and other situations require spousal consent if the spouse is not named beneficiary (IRAs, 401k, etc).
Can you cash a SSI check made payable to a rep payee for a beneficiary if they don't have an account styled that way? The rep payee has a personal account. Would you have chargeback rights against the rep payee?
A customer has reported to us that his father has died. We have a joint account with this customer and the now deceased father. We tell the customer we need a copy of the death certificate and that we will remove the father's name from the account. The customer then tells us he is just about to file the father's tax return and that his accountant wants the father's name left on the account until his tax refund is direct deposited to the account. If this customer had presented a Treasury check payable to the father and attempted to deposit it, we would refuse as the check is now the property of the estate. Since we have knowledge of what the son is preparing to do, should we flag the account and return the tax refund as beneficiary deceased when it attempts to post to the account?
My customer wants to designate her son (grandparent to Jane) as John Doe ITF Jane) as beneficiary of funds. Should this be done?
Does a POD have to be in the titling of an account or just on the account contract to be FDIC insured?
Once the minor beneficiary of a TUTMA account reaches the age of 18, is it the bank's responsibility to close out the account or transfer it to the ownership of the beneficiary?
Upon receipt of a death certificate and ID from the POD, who do we make the check payable to?
We have an IRA customer who passed away in 2012. She had her husband as the beneficiary. He passed away a few years prior to her. We understand that the beneficiary of the IRA would be her estate. How do we need to transfer the money from the IRA to the estate? Do we need to do a distribution from the IRA then deposit a check to the estate?
Can a minor account have beneficiaries?
Can a client deposit a check payable to their Trust into an account titled in their name only?