Latest Operations - Deposit Accounts Topics

W-8BENE? Who completes?

06/02/2019

What is a W-8BENE?

Right to Set Off if Account Is Negative?

01/06/2019

If an account is negative do you have the right to set off? For example: if a customer owes for a safe deposit and the payment is due, we take the payment out on a Wednesday knowing they will have a direct deposit on Friday.

Don’t purge stop payments too soon

08/12/2018

Mutilating the MICR line of a check doesn't help in the Check 21 environment. So what do we do to prevent a stopped check from being presented again?

Concealed Handgun License as Primary Proof of ID

07/15/2018

Based on the change to Texas law Sec. 506.001. CONCEALED HANDGUN LICENSE​ AS​ ​VALID PROOF OF​ IDENTIFICATION. (a) A person may not deny the holder of a concealed handgun​ license issued under Subchapter H, Chapter 4l l, Government Code, access to​ goods,​ services, or facilities, except as provided by Section 52l.460,Transportation Code, or​ in regard to the operation of a motor vehicle, because the holder has, or​ presents, a​ concealed handgun license rather than a driver's license or other acceptable​ form of​ personal identification. Does this mean that community banks must accept the ​concealed handgun license as a primary form of​ identification? Or can we use it as secondary to other identification and​ still be within the law?

Reason for Decline on Notice of Action Letter

07/15/2018

If an applicant for an account passes all the BSA and CIP qualifications (ID verification, chexsystems, credit report) to open an account, yet the bank employee has an uneasy feeling or is suspicious of their intentions, are we able to decline the applicant for the account? If not, what options do we have to protect the institution from a loss? If so, what should we provide as the reason for the decline on the notice of action letter?

Adding 3rd Person on Joint Checking Account

07/01/2018

Can either owner of a joint checking account add a third person on their own authority alone?

Dormant Account Issues and Paper Files

05/27/2018

How are dormant accounts impacted by paper files?

DDA Document Management

04/29/2018

What are some of the benefits of electronic DDA document management systems?

Calendar Days or Business Days for Levy

03/18/2018

I was served a levy by the county sheriff department (C​alifornia​). It specifies 10 day​s​. Will that be calendar days or business days?

Treasury reclamations and decedents’ accounts

03/11/2018

If the money is not available in the deceased customer’s account and no estate account exists with the bank, is the bank still liable for reclamations from Treasury?