We have several attorney trust accounts (IOLTA) in the State of Florida. The attorneys receive checks made payable to their clients but deposit the checks without having their clients indorse them. The attorney will sign the check and use the deposit to the account of stamp or just use the stamp. What is our risk?
What documents are required for opening an IOLTA account?
Where can I find information about the ins/outs of IOLTA accounts (bankers responsibilities)?
Can a check payable to The Estate of John Doe, that has been endorsed by the Personal Representative of the Estate, then be deposited into an IOLTA account of the PR's attorney? We want the PR to open an account in the name of the Estate so that this check can be deposited there, but the attorney is insisting the check be deposited into his IOLTA. Should we let that happen?
Currently, when we receive a IRS Tax Levy, we look at the Social Security Number or EIN Number on the Levy and the name. We then research this information in our system to see if they have an account(s) and what funds are available to hold on the day the Levy is presented. We base this on the Name and EIN or Social Security Number provided on the Levy. My question is if we perform our search and determine that the primary name and Social Security number on the account does not match the Levy but the person the Levy pertains to is a signer or secondary owner to the account (Joint Account), should we hold those funds? Should this be done even if it's a Business, Minor Account, IOLTA, Escrow etc.? I would think consideration should be given to the relationship the person upon whom the Levy is presented has to the account.
I am working on an IOLTA account. I am fairly new to this new accounts thing and I am confused on what type of account this would be. Once I select IOLTA, my program only gives me 4 options which are Partnership/joint venture, Sole Proprietorship, Limited liability, and Corporation. I picked Sole Proprietorship but this does not let me have the option of listing the authorized signers. Since there are two authorized signers, does that make this a Partnership/joint venture, and if so, who is the partner?
I have a new "LLC" customer who is transferring over from another bank, and at this time, is earning interest in a checking account. This account is an IOLTA account. How can a LLC earn interest in a checking account? Is it because the account is an "IOLTA" account? To my understanding NO Corporation, Partnership, or LLC can earn interest in a checking account.
Will we be required to notify depositors about the new temporary unlimited deposit insurance coverage for non-interest-bearing transaction accounts?
We just received an IRS levy for a business customer. The customer does not have the funds available in one account, however he does have available funds in an IOLTA account. Can we hold funds on an IOLTA account?
What is the proper way to title an IOLTA account? What CIP information is needed?