What is the reasoning behind one person completing the wire request and a different person posting the wire transfer from an account? Is there a rule or Reg that outlines this dual control? Would we be in any violation if the person taking the wire transfer also posts it to the account? We would have another person balancing the wire General Ledger account daily.
What is the difference in a Money-Market account and a NOW account?
We have a savings account that was opened June, 1994. At the time, the account was styled as a minor's account. The minor never signed on the account. The only signer on the signature card is the father. The child is now twenty-one, and is doing internet transfers from the savings to his checking. I know we need to restyle the card. Can the father legally still sign on the account and withdraw money?
Where exactly in 12 USC and/or 12 CFR is the requirement for banks to "send" monthly statements to depositors, either by mail or electronically?
What are the possible ramifications that a financial institution could suffer from allowing an individual who is a principal of a corporation to transfer funds from the corporate account to a personal account?
Can business accounts with different EINs transfer to and from one another as long as the person doing the transaction is a signer on both of the business accounts?
If a bank director has multiple business accounts with multiple tax ids, can he authorize transfers between the different business accounts to cover overdrafts? Does it make a difference if he is a majority shareholder in the bank? What if he is a shareholder, but not a director?
We have a POA document that states the power of attorney can gift assets to others. Can the POA then name a POD on the account? The POA did not name himself.[Editor's note: The term "power of attorney" if often incorrectly used for the person to whom a power of attorney is granted. A power of attorney is either the document by which a principal grants authority or the authority itself. The correct term for the person to whom the authority is given is either "agent" or "attorney-in-fact."]
Can a checking account be established as a Uniform Transfers to Minors Act account?
Is there a specific amount of times when Reg D is violated that the account should be closed or transferred to a transaction account?