If a business customer has sold his business and is changing ownership, what would be the reasons to close out the old deposit account and open a new. Could the old account remain in tact and replace signature cards and business documents?
If a bank has an employee overdraft policy where each employee is allowed (3) overdrafts annually with no fee charged, does this policy also apply to Executive Officers and Directors? Or even if there is an employee plan, paying an OD item and not charging for an overdraft for an EO or Director would be a violation of Reg O?
We are having a debate about business resolutions. Is a resolution required for each type of business (such as LLC, Corporation, Organization, etc) or just specific ones? Is it better to use a resolution provided by our bank or should we use one provided by the company itself?
What are the rules governing the use of a corporate business checking account for overdraft protection for a personal checking and vice verse?
Do we have to have job specific training for BSA?
Is there a requirment that bank employees take forty consecutive hours off each year? If so, can holidays be counted as part of the forty hours?
If there is only one officer/signer on a corporate account and he passes away, how should the account be handled? What documents need to be presented to allow someone to deal with the accounts?
What are the possible ramifications that a financial institution could suffer from allowing an individual who is a principal of a corporation to transfer funds from the corporate account to a personal account?
The board of directors at our institution currently would like to offer a ten year CD with no option for withdrawal. My understanding is that as long as it is disclosed, you can make the early withdrawal penalty "all interest accrued", but that you can’t restrict a customer from accessing his money. Can you please tell me if my understanding is correct and where I can find a regulation that governs this issue?
We are putting together our BSA training schedule. What courses are required annually and what can be done every other year or on an alternative schedule?