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?
In our institution and others, there is a policy that states that if a check is payable to a business, that check must be deposited to a business account (and endorsed by the business). It cannot be cashed or deposited by an individual. I am being asked why this policy exists. Can you help me with the reasons?
When opening an account with a rep payee, what is the correct way to title the account and who would be considered primary account holder?
Can the successor trustee use their name and Social Security number for titling with the trust name listed secondary? I have a copy of the appointment of successor trustee for my customer. She receives checks payable to her as successor trustee for the trust. Do I need the customer to obtain a TIN for the trust?
One of the tellers at my bank recieved a check that was Pay to the order of "John Smith, Joe Smith DECD" How should this be handled? Do I need a death certificate?
Can an Attorney-in-Fact change a Payable on Death beneficiary on an account if the Durable Power of Attorney document does not specifically speak to that? Part Two: If an account currently has a POD beneficiary designation in the account title and we are now retitling the account to Jane Customer by Joe Smith, Attorney-in-Fact, where does the POD designation go in the revised account title?
We are looking for a vendor to conduct employee background checks. Do you have a company that you can refer?
A customer presented a personal check for deposit from an account that they own at another financial institution ("New Bank"). The"New Bank" bought another bank ("Old Bank") about four years ago. This customer appears to have retained their check stock from the "Old Bank", but they have made paper copies of the "New Bank's" logo, as well as the MICR line containing the "New Bank's" routing and transit number, and the customer's "New" account number. The customer has carefully cut out the paper copy of "New Bank's" information, and glued it on to their "Old Bank" check stock, aligning the logo and MICR information, as they would have naturally appeared on properly printed check stock. The alteration is more than obvious (imagine: white copy paper glued onto a "fashion check" with the image of a moose wading in a creek). We were able to verify that the customer does own the account at "New Bank", and the customer is in good standing with both our institution and the "New Bank". On our end, the Check 21 check image is acceptable despite the glaring alteration, so the check will be processed and paid without incident. (We know this because our tellers have apparently accepted these in the past without pause). It really appears that this customer is just being extremely frugal or environmentally friendly in wanting to use her check stock from the "Old Bank". Is this right? Is it true that a negotiable instrument could be written on almost anything? Is it simply up to the willingness of the financial institution to accept it?
We have two DBA customers. The one brings in checks made out to the business and wants them cashed. The other wants to deposit their DBA checks into their personal account. Should we be doing these transactions?
Is it okay to cash checks made payable to a DBA? For example: John Doe DBA Joe's Carwash.