Do we need to run OFAC on a newborn baby whose mother or father have opened a savings account for the baby? We do have the Social Security number for the newborn.
We have customers who have social security checks for dependents made in the following manner: "John Doe For Jane Doe" wherein in some cases the dependent is either a child or disabled person. I argue that these checks are payable to "John" as he is the first payee, and "Jane" is not actually a payee. Therefore, the check should be negotiable by John, or depositable into an account held solely by John. My FI has recently instituted a rule requiring these types of checks to be deposited into a) a UTMA account for "Jane" b) a Rep-Payee account for Jane or c) an account held solely by Jane. As in many cases Jane is either a minor or disabled, I believe forcing an account to be opened under her name to be irresponsible banking. I would like to know the guidelines for negotiating a check made either to "John Doe For Jane Doe" or "John Doe For the Benefit of Jane Doe"
Can an UTMA be opened with a ATIN (Adoption Taxpayer Identification Number) until the Social Security Number is issued? If so, are we required to withhold?
Sammy Smith, age eighteen, cashed a $3,000 cashier's check at our teller window last week. Today, as Security Officer, I learned that the check was fraudulent. Sammy has the proceeds of an insurance policy sitting in a UTMA account naming him as beneficiary (it was the reason, the teller told me, that the check was cashed for him).There is more than the amount of the bogus check in the UTMA account. Can we set off against the account to avoid having to take legal action against Sammy if he doesn't pay for the fraudulent check himself?
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?
When completing a CTR for a deposit to a Totten trust account "John Doe Trustee for Sally Doe," who should be indicated as the beneficiary of this transaction on the CTR if John Doe's SSN was used to open this account? If a deposit requiring a CTR is made to a TXUTMA account "Sally Doe, Beneficiary TXUTMA, John Doe, Custodian," who should be indicated as the beneficiary on the CTR when Sally Doe's SSN was used to open this account?
Is CIP documentation required for court ordered accounts such as when minor children receive money from a sale of property and the court orders CDs to be purchased for the minors and held until they are 18 years old?
If a minor account is opened using the child's social security, titled beneficiary (the minor) by custodian, what happens to the funds if the custodian passes away?
At what age must we do CIP on a person if they are a minor or is it required? We require all minor accounts to have someone over 18 as a signer and do CIP on them. For instance, if a parent opens a savings account for a 10-year-old child, are we required to do CIP on the child? At what age is a child considered legally competent?
When a parent opens an account for a minor and uses the minor's Social Security number, but only the parent signs on the account, is the ownership of the account joint or individual?