Are All Estate Accounts Required To Have EIN?
06/02/2003
Do all estate accounts have to have an EIN number, even if they are a non interest bearing account?
Barbara Hurst is Executive Editor of the BANKERS' HOTLINE, a highly regarded newsletter written for financial institutions, she is President of Hurst Associates, Inc., a Pennsylvania based corporation that specializes in security and compliance training programs, and Editor/Moderator for BankersOnline.com.
Ms. Hurst spent over fifteen years in the banking industry, as officer in charge of investigations and claims at a large Philadelphia, PA bank (...since purchased by PNC Corp.) She served as chairperson of the Security Committee of the Pennsylvania Bankers Association, and is past president of the Bank Methods Association. During her banking career, she won the coveted National Public Speaking Award in 1977 from the American Institute of Banking.
Since starting her own corporation fourteen years ago, Ms. Hurst has presented workshops, speeches, programs and training sessions for over 400,000 bankers in 42 states in the U.S., in San Juan, in London, and in Moscow.
Barbara's workshops for security, regulations, and compliance are regularly on the agendas of financial associations and institutions, at conferences, and for security officer's groups and training schools. She also does programs for regulators, law enforcement, corporations and the U.S. government on the subject of bank fraud and security.
Barbara has been listed in five "Who's Who" publications, including Who's Who of U.S. Executives, Who's Who in Business and Finance, and Who's Who in U.S. Commercial and Savings Banking. She is a member of ASIS, and is affiliated with National Fraud Center, Inc.
She is the author of an award winning EXAMINATION HANDBOOK FOR SECURITY OFFICERS, and was a core faculty member on a TV training channel for the American Bankers Association. Barbara has also just completed a series of front line training videos for the Bankers Video Library covering the subjects of Robbery, Safe Deposit Service, Fraudulent Checks, New Accounts, BSA and Reg. CC.
06/02/2003
Do all estate accounts have to have an EIN number, even if they are a non interest bearing account?
05/12/2003
If a customer is given the "Notice of Hold" at the time of their deposit and we return check based on uncollected funds, can we assess fees?
05/05/2003
During an investigation into possible fraud on a personal checking account, we found that our customer, who is a mortgage broker and receives payments from a mortgage financing company, also deposits personal checks in amounts from $900 to $2700 into the account 2-3 times a month. There are also periodic cash deposits. All the checks are from different persons. Assuming this is a one-time payment from each person, would there be a legitimate reason for the customer to take a fee from a mortgage client and not remit it elsewhere? Do you feel our findings warrant further investigation? How would you suggest we proceed in verifying our suspicions and should the authorities be notified?
05/05/2003
It has always been my understanding that when an account is opened for any "entity" (non-person) it is necessary to require an EIN, as opposed to accepting one of the signer's social security number. Is that correct and, if not, where in the regs could I find guidance on this subject?
05/05/2003
Is there a time frame for receipt of funds from a claim filed for deposits held at a failed institution?
05/05/2003
What are a lawyer's options, in regard to advancement, should he/she take a position as a compliance officer? Are there any case studies or examples of those who have moved on to be a General Counsel or other Management position after starting as Compliance Officer?
04/21/2003
There is pressure from some of our Retail Management to eliminate our Branch Opening procedures. We currently have one associate wait in their vehicle while another goes into the branch and does a complete check. The all clear is given to the waiting associate by actually walking to the waiting vehicle, so if the all clear is not given the waiting associate can depart and summon help. Also, there is some Retail Management talk about eliminating our 15 minute time delay for the Vault. Needless to say, we in the Security Division see these proposed changes as risky. Do you have any thoughts or source materials that might help us illuminate the security risks of these possible operational changes?
04/14/2003
If a single owner account is not going to be probated I know we need file-stamped copy of Death Certificate , but what about the Will? If one exists, are we required to have a file-stamped copy? Do we honor named executor in Will or do we need something that names Administrator/s? What about Letters of Appointment? Can we do Chexsystems on Executors/Administrators?
04/07/2003
My question is regarding the best practices for transportation of cash between branch locations and re-supplying of remote/free standing ATM locations. Is this commonly done via armored car service, by bank employees with police escort, etc.
09/16/2002
What is your opinion on banks posting photos and full names of officers on their Web sites? Do you see any security issues that may arise?