If only 1 person is 100% of the corporation can they name a POD on the checking account?
Are deposits of U.S. Treasury checks (for a tax refund, for example) always subject to the next-day availability requirement in Regulation CC?
Should the owner of a sole proprietor business account cash checks made payable to him personally using the business account?
Our bank is in New Hampshire, near the Massachusetts border. We have several depositors who work for the City of Haverhill (MA) who deposit their municipal paychecks in our bank. Are these checks “checks drawn by a unit of general local government” that we must recognize as next-day availability checks?
I need clarification on the beneficial ownership rule. If we have non-profit or charity accounts that are not legal entities, do we have to do the control prong? What if their paperwork does not have them classified as a corporation or LLC but they have a separate EIN? Do we then do the control prong? And what if the account is very old and they don't have the actual papers stating if they are incorporated, etc. but have a separate EIN? Does the EIN make a difference?