A wife requests to open a business account and add a DBA listing her husband's name. The account set up would be: Jane Doe DBA John Doe. Jane Doe is listed as the owner/signer on the account and then her husband's name listed as the DBA on the account. She also presents a letter from the IRS indicating an EIN has been assigned to John Doe with no actual business name
listed. Is this considered normal practice? Should John Doe be identified and added to the account as a signer as well?
When opening a DBA account with an SSN, is there any reason to run a ChexSystems or similar report on the DBA name? Is the same true for a trust using an SSN?
If a bank closes a sole proprietor account and now the customer's personal joint account has funds, can the bank offset to satisfy this charged off debt?
Can a sole proprietor designate a Payable on Death beneficiary? I have an elderly farmer who wants his farm business to go to his son who is authorized on the account, that is why I wondered about it if it could be POD
Can a sole proprietor use the same tax id number for two different types of accounts in the state of VA?
If a check is made payable to a business that is a sole proprietor, can we legally cash the check without depositing first into a business account? (example: Check made payable to John Doe Trucking - can John Doe cash the check?)
What documents are needed when the sole proprietor dies? Can the husband take over the business? Will he need to go file for a new assumed name certificate?
Can I put a Beneficiary on a Sole Proprietor checking account?
If a business customer has sold his business and is changing ownership, what would be the reasons to close out the old deposit account and open a new. Could the old account remain in tact and replace signature cards and business documents?
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?