01/31/2011
If a customer receives a Worker's Comp settlement, is that exempt from levies (either consumer or IRS)?
12/06/2010
When the owner of a DBA dies, are the authorized signers still authorized to sign? The account uses the deceased owner's social security number.
10/25/2010
I have a court document directing us to open a personal and estate conservatorship account in the name of Sally Smith. Sally is alive, has a Social Security number, but is incapacitated. Should two accounts be opened, one for Sally Smith and one for estate of Sally Smith?
10/25/2010
Can the bank place a hold on the anticipated amount of a future social security deposit after a joint owner of a DDA passes away? They were entitled to the previous months deposit, but will not be entitled to future deposits.
10/18/2010
Can a child's Social Security Number be used on a business banking account?
10/04/2010
In the past, we have allowed grandparents to open savings accounts for their grandchildren with the grandchildren being the primary owners and the grandparents as secondary. They would have the child's social security number. They would sign the child's name,(child is unable to sign due to age). Relative to CIP purposes can this still be done?
09/20/2010
A customer has a DBA sole proprietorship using his social security number. Are there any regs, etc., that say it cannot be in a "personal type" checking account? We only have a "commercial account" and nothing for the small "mom and pop" type of business.
08/30/2010
I have been in banking for awhile and am being told I am making a mountain out of a mole hill. When it comes to DBA accounts, I have one opinion on what purpose/style account should be opened and I am being told by others that I am not correct. There are two differing opinions when we open a DBA account. For example, one opinion is that Mickey Mouse DBA Great Escape Mousetraps should be opened as a personal style account, where at the account maintenance level, the code would indicate consumer for the purpose of household or personal use. The other opinion is one in which it should opened as a business style account, where at the account maintenance level, the code would indicate business for the purpose of business. The reporting tax ID number in both situations would be the customer’s Social Security Number. If I understand correctly, there are different regulations regarding the purpose/style of an account and there are different protections and benefits for each purpose/style. Can you please help as to which purpose/style would be proper? My best interest is doing things the correct way for the both the bank and the customer.
08/09/2010
We have a customer who runs an insurance agency titled under his name,(John Doe, Agent). If he wants to open an account so that the premiums he collects on behalf of certain companies can be swept out by ACH on a regular basis, how should it be set up? He is a sole proprietor; should he have access to the funds, TIN or SSN for the account? He wants "trust account" in the title. What if he receives an IRS levy, could these funds be taken? Please let me know the appropriate way to set up this account type.
08/02/2010
Can a joint owner of a personal account assign/give an account title modifier/nickname to the account that would include "association" in the title (i.e. "nowhere county professional association")? This is a personal account under an individual social security number. The customers are not buying, selling, or operating in a business manner. This is in essence a club.