Most Popular Operations Content
See-Thru Trust as Beneficiary?
11/05/2023
What happens if a trust is a beneficiary of an IRA?
Estates are a Nondesignated beneficiary—what does that mean?
11/05/2023
Beneficiaries of an IRA are deceased, does the estate become a beneficiary?
Domestic Abuse distribution exception?
11/05/2023
Can the customer take money out of the IRA for domestic abuse and avoid a 10% penalty?
Keeping Compromised Accounts Open
11/05/2023
Most recently we have received requests from business customers asking to keep their accounts open after identifying fraud. This fraud is related to checks that have been intercepted, washed and negotiated. Due to convenience of keeping existing account open, our customers are requesting that we do not require them to close the compromised account. We read a FinCEN FAQ regrarding keeping accounts opened after receiving "keep open" requests from law enforcement. We are wondering if other financial institutions follow procedures to "keep open" these compromised accounts based on a request from law enforcement and use that same procedure on customer requests, assuming the procedure helps reduce risks of any loss? What do you see as the pros and cons of keeping the account open when it is a customer request?
Holding-Returning ACH Deposits
10/29/2023
If the source of funds for an ACH deposit appear tainted or fraudulently obtained, can the funds be legally held for return to the ODFI?