Reg Q permits banks to pay interest on business accounts, but if we do and have corporations in this account, are we violating Regulation D?
We are offering members a $100 incentive bonus if they open a checking account with direct deposit which would start within 60 days. We understand all of the disclosure requirements for the $100 payment. The argument is, must we disclose in the ad that the $100 will be reported as interest to the IRS? We of course will be sending the member a 1099-INT and reporting it to the IRS, but are we required to disclose that?
I am dealing with a real estate loan that has matured. It is past due and on the bank's Watch list. Could you tell me how to deal with this so I can set the Note up again to get the customer to pay? I don't know that I want to rewrite the Note and give it a new number in fear of losing the nonaccrual interest that currently shows on the loan.
I'm thinking of an extension or something like that, however my interest is going up, which means my terms will change. I do have a loan that is on nonaccrual and I don't want to lose that interest either.
Can an LLC earn interest on a bank account?
May a bank pay interest on a 16 month CD at maturity, or are we required to pay the interest at least annually?
Can an LLC account earn interest and can a Social Security number be used instead of an EIN? Also, can a limited partnership earn interest?
With regard to Reg. D, I was always under the impression that a single member LLC could have an interest bearing checking account. Can you add anything to that?
When is the last day to collect a form W-8BEN without imposing client withholding?
In a market with rising consumer interest rates and resulting decrease in refinancing, how can retail bankers maintain or even still increase their loan production?
If we have a deposit promotion which pays the client a $50.00 bonus to open an account, are we required to send them a 1099-INT at the end of the year?