Can an LLC or Corporation conduct telephone transfers from the account to a personal account or personal loan? I have been told that telephone transfers ARE allowed as long as proper verification measures have taken place. If an owner, or authorized signer on a business account needs to do a telephone transfer, they are allowed to do so, as long as they are verified to be on the account and their identity can be verified over the phone. Also this can only be done if a Resolution of Authority allowing the signers to execute all powers on an account has been signed. However, I have also been told that we should not allow this, but it is a bank decision on how to handle it. Can you please advise me on what the best practice should be?
We have a business customer that has unauthorized transactions on his MasterCard Small Business Card. Our customer gave the card and PIN to his son to order 4-wheeler parts over the internet in late August. The son did not do this for dad but did several other transactions for a little over two months. The card was never given back to our customer and our customer kept forgetting to get it back from his son. When our customer did remember to ask his son for the card, the son would say that he didn’t have it with him. Our customer would forget about it again and then he received his bank his statement with all of the unauthorized transactions. Now our customer is stating that almost 100 transactions are unauthorized. Most of the transactions were PIN transactions.
Is our customer responsible because he gave the card and the PIN to his son and did not bother to get it back so the son used the card the whole time—for a couple of months? Who is liable--the customer or the bank? I know that the MasterCard Zero Liability covers small businesses but is this customer responsible due to details of the claim? To me our customer did not use reasonable care in protecting his card.
A customer has a personal checking account. Can she deposit checks payable jointly to her and her spouse into her sole member account? (The spouse is not on the account.)
Is it a compliance violation or a FDIC violation for a bank to hold and not process a night deposit for 2 weeks? Is it the same even if it is the customers request? We received a sealed bag that has a note on it with money inside and instructions for the bank to wait until they are back in town to pick it up.
Can a business deposit account be opened by a revocable trust with the tax ID used for the trust? The individual is the owner of the trust and also the trustee.
A DBA account owner withdrew over $10,000. The account is under the owner's Social Security number. The tellers said the transaction was for personal use. Do we include the DBA information on the CTR?
What is the best way to handle an insurance check made payable to an individual that's being deposited into a business account? For example, John Doe was in an auto accident. His insurance company sent the auto body shop a check made payable to John for repairs. The auto body then deposits the check into their business account. Same type of example for medical claims as well.
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 several attorney trust accounts (IOLTA) in the State of Florida. The attorneys receive checks made payable to their clients but deposit the checks without having their clients indorse them. The attorney will sign the check and use the deposit to the account of stamp or just use the stamp. What is our risk?
What is the maximum amount that a bank can charge for the Tax Levy Fee?