It has always been said that no job is finished until the paperwork is done, and that is certainly true for your credit union and its IRS reporting responsibilities.
When the bank has a claim for an unauthorized EFT, it costs you money. The choices you make will determine how much that will be. If you pay every claim, you may be giving away profits.
The conundrum, a branch wants to raffle off homemade pies to raise money for a charity near and dear to the heart of those bankers. But is this a raffle, a contest or a lottery?
FinCEN says that “Banks specifically are expected to “obtain information at account opening sufficient to develop an understanding of normal and expected activity for the customer’s occupation or business operations.” In short, to understand the typ
Websites are not a secondary means of advertising or information delivery. Risks are increasing as banks increase the functionality of their sites and customers go to their web addresses more than their branches.
When your account holder's name does not match for IRS purposes, you are sent a CP2100 and your financial institution has to being the B notice process and often times backup withholding on your customer. This is time consuming and expensive.
So many “rules.” And piles of policies combined with an endless list of procedures, many of which don’t seem to make sense or seem like overkill. Is it really necessary to follow them all? Yes, actually it is. What you may not understand is why.
Do you need help with the Escrow compliance requirements? Join us for a two-hour Escrow compliance webinar. If you’re looking for Escrows in plain English, this is the ticket!