06/24/2013
Can a Trustee or Successor Trustee designate an authorized signer on the trust's banking accounts who is not listed in the trust document?
06/24/2013
We have a daughter with POA for her mother but it does not specify that it covers the safe deposit box. There is a safe deposit box with the mother and son as joint holders. The daughter attempted to access the safe deposit box using the POA but we denied access to her as there was nothing specific for SDB access. Additionally we have information that there is a family dispute and the mother has some dementia. If the daughter comes to the bank with her mother and requests access, can we deny the daughter access to the box by asking that she remain in our lobby while the mother accesses her safe deposit box in our private areas? Additionally, if the POA did cover the SDB (which is does not but this situation made us question this), is there any liability that we would face with the other joint holder? For instance, what if the joint holder who is not covered by the POA comes to us after the POA accesses the SDB and says that he has property missing?
06/24/2013
We have a business customer that periodically transfers money from his business account to his grandchild's minor account. We are trying to explain to the tellers that they cannot do the transfer this way and they want to see it writing why it can't be done by a transfer slip and should be done by a check deposited into the minor's account. Can you direct me on where this documented and/or a reason to give them why it should not be done this way?
06/17/2013
A customer has reported to us that his father has died. We have a joint account with this customer and the now deceased father. We tell the customer we need a copy of the death certificate and that we will remove the father's name from the account. The customer then tells us he is just about to file the father's tax return and that his accountant wants the father's name left on the account until his tax refund is direct deposited to the account. If this customer had presented a Treasury check payable to the father and attempted to deposit it, we would refuse as the check is now the property of the estate. Since we have knowledge of what the son is preparing to do, should we flag the account and return the tax refund as beneficiary deceased when it attempts to post to the account?
06/17/2013
Are we as a bank allowed to issue a debit card on a savings account only?
06/17/2013
Is there a reason that we should not issue 5 debit cards on a business account as long as our Agreement covers us?
06/10/2013
My bank follows a rule that we do not accept checks endorsed For Deposit Only or Pay to the Order of [a third party]. Can you direct me to the guidance on this, please?
06/10/2013
If a trust is revocable and the last grantor passes away and the trust then becomes irrevocable does the successor trustee need to have an amendment done to the trust before we open a new trust account with an EIN number? If it is a revocable trust and that was in the titling I would think it would need to be titled differently not to say revocable any longer before we just open a trust with a new EIN number still stating it is a revocable trust.
06/10/2013
We are in a spitting match with another bank over some forged checks. We accepted them and sent them for payment to the other bank back in January. Over a month later, the bank returned them - one was stamped NSF, the other two had no reason, so we called and the bank faxed us forgery affidavits. From day 1 of my banking career, I have been taught that the paying bank eats forgeries, so we returned them as late returns. Then we got a letter from the bank demanding payment saying we had breached the transfer warranties (since there were forged signatures). We replied you are outside of your timeframe for breach of warranty and besides, we are holder in due course and you can't demand payment for forgeries from a holder. They replied since you knew they were forgeries, you were on notice of the breach of transfer warranty therefore we are within the timeframe. Neither one of us is giving in, but I can see where they are getting the breach of transfer warranty, which seems to be a contradiction to the holder in due course defense against forgery. So can we/how do we counter their argument of the breach of transfer warranty?
06/10/2013
What form do I use to create a power of attorney to be used in a new LLC company created in Florida for the owner's son to be able to act on behalf of the company in all matters?