If we want to offer a coupon to a restaurant for a large pizza (worth $20) when e-statements are activated on the customer's account, is this IRS 1099 reportable?
A wife is the secondary account holder to her husband on their account. She went online to make a transfer from savings and checking. The password was declined and she called to reset it. Can we allow her to reset the ebanking or does it have to be the husband?
Can you cite any regulatory prohibition, industry best-practices or any other guidance regarding the commingling of funds conducted via web-based transfers between linked personal and business(corp., llc.) accounts, owned or otherwise controlled by the same person? Information from the IRS on this subject is vague. My gut feeling is that this activity raises potential tax evasion issues and may be a reportable offense under SAR guidelines.
Are refunds of withdrawal fees charged at a foreign ATM reportable on 1099's?
For an account which electronic fund transfers can be made, may the bank send a notice each time with the date, amount, source and account number and not the other information that would be on the monthly statement as opening and closing balance in place of a periodic statement for each monthly cycle in which an electronic fund transfer has occurred? In particular, on a savings account that is normally sent a quarterly statement when no EFT activity has occurred, will the notice mentioned above suffice for a direct deposit to the account in place of the monthly statement?
Some consumers believe that the images of checks are not as good as the checks themselves. What are the rules on this for proof of payment or prosecution of forgery?
Our bank has a fully operational imaging system. Since this system is in place, are we still required to hold physical copies of items? For example, instead of holding official checks the required 6 years, could we determine our own timeline for retaining physical copies and use the digital images to meet statutory requirement?
We currently offer internet banking to include the ability of transfering between accounts. We have received many requests to allow for transfers between business and personal accounts via internet banking. What potential risks are we taking to allow these interactions?
We have recently introduced internet banking to our customers. We have had a multitude of requests to allow transfers between business and personal accounts. What are the potential ramifications of this and what IRS rule addresses this issue?
Can you briefly tell me all the regulations involved with ACH transactions?