01/21/2013
If a parent has a SSN and his child is a foreign national (no SSN) can the father open an UTMA account using a W-8?
01/14/2013
My CD customer gets interest monthly via check. Every other month she does not cash the checks and over the years she has had several checks escheated. We don't get return mail on her and her phone number on file is disconnected. If we change her interest payment method from Check to Compound it would not adversely affect the customer and hopefully it would prompt contact from her so we can find out why she doesn't cash all of her checks. Can we change her interest payment method from Check to Compound? Would this change be out of compliance?
01/14/2013
Does the following certification need to be included on signature cards for the State of Californai? I certify, in accordance with the IRS W-9 instructions provided by the Credit Union and under penalties of perjury, that the Social Security Number (SSN)/Taxpayer Identification Number (TIN) shown is my/the correct identification number and that I am NOT, unless designated below, subject to backup withholding because I have not been notified that I am subject to backup withholding as a result of a failure to report all dividends or interest, or because the IRS has notified me that I am no longer subject to backup withholding. I am not subject to backup withholding I am not a United States citizen or resident (complete W-8 form)/ Exempt
01/14/2013
Why can corporations have money market accounts but not NOW accounts?
01/07/2013
Insurance company issued the check with multiple payees (home owner AND mortgage company) to repair roof. Home owner only signed the check, scammed by roof repairer who was supposed to forward to mortgage company, subject to receiving the fund only after mortgage company confirmed repair complete. However, repairer presented this check immediately to the 3rd-party bank to cash it. This bank, without the endorsement of mortgage company, immediately cashed it to roofer. Insurance company never tried to stop payment based on missing endorsement, only told home owner the fact their check already cashed out. Can home owner pursue the liability and neglect against insurance company, bank, and mortgage company? Mortgage company, later, allegedly submitted the percentage letter to the bank, waiving their interest to home owner.
12/24/2012
Can a foreign person without a Social Security Number have an interest bearing account? How would you report the interest earned?
12/17/2012
One of my banks just realized that the Reg DD disclosure for their savings accounts has stated that the interest is compounded monthly when in reality it is compounding quarterly. That disclosure has been corrected but does the bank owe restitution to all savings customers?
12/03/2012
I have an account titled persons personal name with hotel behind the name. The tax number is the same as the persons name. However, I just recently found out that there is a silent partner. They have no written agreement for formal terms regarding this account. Would this be a DBA account or general partnership even though there is not a written agreement? I need to send out a new signature card and am not sure how to handle this situation.
12/03/2012
Does FDIC Insurance cover an authorized signer on a deposit account (for example: individual or joint checking account with one authorized signer).
11/05/2012
Is a safe deposit box owner required to certify their SSN?