Are there any risks for a financial institution if we accept a check from a client for deposit to their savings account and the check is payable to our financial institution, instead of making it payable to the account holder?
What about the 2019 tax season? Can a 72-year old make a contribution to a Traditional IRA.
Our customer mobile deposited a check with their signature endorsement along with a restrictive endorsement of "mobile deposit only [FI name] [date]". The customer then scratched/crossed out the restrictive endorsement and negotiated the item a second time. We were charged back on the mobile deposit. I understand we did not process the paper check, however the restrictive endorsement was on the mobile deposit and later scratched out. Do we have any recourse back to the second bank to recover funds?
A UTMA account custodian regularly deposits her paycheck into the UTMA account and later withdraws funds from the account to purchase personal money orders. Some of the money orders have been payable to utilities and credit card issuers. What should we do about this?
I have a client with a matured IRA/CD. Will there be a penalty if they move the matured IRA/CD to a Money Market Account? The client is 72 years old. They want to use the money for a down payment for property.