Our practice is not conducting ACH transactions for Trust accounts such as Escrows. Is there any compliance reason to prohibit ACH for escrow or is it merely a business decision? Escrow company doesn't conduct ACH transactions but wires or check only.
If a bank receives a check payable to John Smith as Custodian for Jill Smith UTMA, does the check have to be deposited to an account titled in the same way, or can it be deposited to the custodian's account?
We have an account (PA-UTMA) set up for a minor (niece). The custodian (uncle) closed the account and transferred the money into his personal checking account. Is this allowed?
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?
We are discussing accounts you can merge on online banking (so that the agent can see the fiduciary account along with his/her personal accounts with a single log-in) for example:
1.) Rep Payee
2.) Escrow Agents
3.) Power of Attorney-Appointed Agents
4.) UTMA Accounts
The custodian has been challenged as to whether or not you can or can't combine with a parent’s accounts online banking.
Is there any legislation or case law or statutory basis for which we must decline these requests or is it discretionary?
When filing a CTR on an IOLTA account, do I need to include the benefiting client's information on the CTR if the Client is incapacitated?
We have a customer receiving her deceased husband's VA check monthly. The VA sent a letter requesting information on the title on the account into which the check will be deposited. It MUST be titled correctly in order for the deposit to go in. It was suggested that we title it as a fiduciary account with both persons listed on the account. How would we title this account to be correct? Currently we have the spouse as trustee and the deceased husband as fiduciary owner listed as the titles on a fiduciary ownership. Is this correct?
I have a check made out to The Doe Family Trust. John Doe is the Trustee for the trust. Can he cash a check made out to the trust being he is the only Trustee for the Trust?
Our customer had a regular checking account that was overdrawn. San we debit a health savings account to cover our loss then close the regular checking account?
Can you cash a SSI check made payable to a rep payee for a beneficiary if they don't have an account styled that way? The rep payee has a personal account. Would you have chargeback rights against the rep payee?