Can an IRA customer contribute if he or she is 75 and earning income?
When is the 2020 FFIEC BSA Exam manual effective?
Do we have to change our Savings Deposits?
On a joint account, Bob or Betty, if Bob makes a deposit and Betty makes a deposit, do we really have to do four part Is
If a customer has in IRA Certificate of Deposit and makes withdrawals within six days of one another, is this a Reg D violation unless a minimum seven day interest penalty is assessed? Is there different treatment if the customer is more or less than 59 1/2?
Prior responses on this site are somewhat contradictory:
Q&A - "Limit of Distributions on IRA accounts" and "IRA Client CD Deposit-Exception to Penalty (Reg D)" both answered by Randy Carey.
In the first he states "Any withdrawals within six days of one another would require an automatic seven day interest penalty under Reg D." There is no differentiation based on age in the response.
In the second he states "Any withdrawal from an IRA is exempt once the person reaches 59 1/2"."
Which really applies?
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?