09/03/2017
Dan’s account names his son Rudy as the pay on death beneficiary. Dan is currently very ill, in the hospital. Can we tell Rudy he is on there as POD?
08/27/2017
A father and son wanted to open an account today where two signatures would be required on each check. It’s extra work for them, but does it really matter to us?
06/12/2016
We are getting ID on all signers of businesses. Do we have to do this?
05/13/2013
Upon receipt of a death certificate and ID from the POD, who do we make the check payable to?
04/15/2013
I have a customer who's account is a Corporation. They are wanting to change the corporation to a LLC account with a new tax ID number and keep the same account number. Can they keep the same account number and change to an LLC?
03/18/2013
What to do if an attorney is refusing to sign the backup withholding on a signature card on an IOTA account since the TAX ID is that of the Florida Bar Foundation?
11/26/2012
Business using RDC to deposit checks that it issues to and cashes for non-employee service providers. We bank a local recycling service. Historically, this customer has paid individuals who bring in scrap metal in cash. However, their regulators are now pressuring them to issue these individuals checks in lieu of cash payments. Our customer would like to issue these checks, immediately exchange them for cash and then deposit these checks via RDC. I understand that Fincen issued guidance (FIN 2006-G005) indicating that this activity is not considered MSB activity even in cases where the dollar amount is over $1,000, for one person and in one day. I would consider the overall risk of this activity to be low given that our customer is writing, cashing and depositing only their own checks and therefore disputes are unlikely and would only lead back to our customer. I am wondering if there are any requirements that the bank needs to enforce on our customer regarding this activity, such as CIP / ID requirements for the payees of these checks. I imagine that the individuals who are collecting scrap and turning it in for payment may be at a higher risk for ID problems, either lack thereof or forged / altered. Is this the banks concern?
10/22/2012
Can beneficiary be added to a business account that is set up as a sole proprietorship and using the individuals social security number on the account?
10/15/2012
We have a customer who owns two businesses, one is a Limited Liability Partner account and one an LLC each having their own tax ID number but only an account for the LLP business. He has been depositing checks for both businesses into the one account. We are having a debate whether this is correct. Shouldn't he have an account for each business?
10/08/2012
We have a customer who owns two businesses, one is a Limited Liability Partner account and one an LLC each having their own tax ID number but only an account for the LLP business. He has been depositing checks for both businesses into the one account. We are having a debate whether this is correct. Shouldn't he have an account for each business?