06/22/2009
A corporation client recently found out that checks payable to the corporation had been deposited in a bank account opened in the name of the corporation, but without the corporation’s knowledge or consent. What is the liability of the bank to the corporation for the loss of the funds? Where do I find the applicable law?
02/16/2009
We received a letter from a non-customer who is currently in prison out of state. He is attempting to have an account opened in his name to begin collecting money for his defense. He lives in our area, but has never been a customer. Are we required to open the account for him? Our concern is that we can't ID him. It has been suggested by some people in our organization that we are obligated to open the account via Notary at the prison.
01/12/2009
Who owns an uniform transfer to minor act savings account, the minor child or the custodian?
11/03/2008
What is the proper titling for a representative payee account for Social Security and what would the relationships be?
08/25/2008
Question: What are we required to do in addition to changing a customer's address and/or re-issuing a card?
08/18/2008
Sole proprietorships using their SSN can open NOW accounts, but can a sole proprietorship using a EIN also open a NOW account?
05/19/2008
How should a representative payee account be set up? The minor child is receiving Social Security and the mother is the guardian and representative of the child. Which Social Security number do we use?
03/24/2008
One of our customer service representatives opened a sole proprietorship account recently and titled it "Sole Proprietorship DBA Corporation". Corporation is listed as the owner of the sole proprietorship on the fictitious name registration. The account that was opened is a NOW account. I know that a sole proprietorship can have a NOW account, but in this case I am not comfortable with it. I also question whether the account is titled properly. Any insight would be appreciated.
12/10/2007
How in-depth should the training be for the Board of Directors in BSA? Is a general overview of BSA/AML/CIP along with an overview of the procedures in place sufficient for compliance?
12/10/2007
We have a number of new customers that we received returned mail on their first bank statement or their thank you letter. Without a correct address, is this considered a CIP violation and what recourse do we have? Can we close the account? If so, what do we do with the funds still in the account? These customers have been given 30 days to get us their correct address. What should our next step be?