Most recently we have received requests from business customers asking to keep their accounts open after identifying fraud. This fraud is related to checks that have been intercepted, washed and negotiated. Due to convenience of keeping existing account open, our customers are requesting that we do not require them to close the compromised account.
We read a FinCEN FAQ regrarding keeping accounts opened after receiving "keep open" requests from law enforcement. We are wondering if other financial institutions follow procedures to "keep open" these compromised accounts based on a request from law enforcement and use that same procedure on customer requests, assuming the procedure helps reduce risks of any loss? What do you see as the pros and cons of keeping the account open when it is a customer request?
Can you tell me if an incorporated business is permitted to do business as another entity with LLC in the name?
When reporting an overdrafted account to Chex Systems , if it is a sole owner is an LLC business account do we report it with the TIN or the owners Social Security Number?
Are commercial/business accounts covered by Reg. E?
In regards to Special Endorsements, may a business designate another entity as payee?
How are entity documents used in banking?
I have a commercial customer who had her signature forged on payroll checks in her January statement. Can these items be sent to the BOFD for collection now that we are in early May?
Our institution is based in Missouri, but we offer an online savings account. We are wondering about what state laws we use for charging dormant/inactive fees to accounts? Missouri Law is that once an account is inactive/dormant for twelve months we can charge a fee up to $5.00 a month. Then after five years of inactivity, the account is considered abandoned and will need to be sent to the State Unclaimed Property department. If a customer from different states opens accounts online with us, do we abide by Missouri Law or the state law which they reside in?
When opening an LLC deposit accounts, does the proof of TIN need to have the current sole member in the address?
Is there anywhere to locate Successor In Interest confirmation letter templates or examples?