01/28/2013
We have a customer who is POD on her fathers account, but she is telling us that she does not want the money. Is there a time limit on how long a POD account can sit out there even if we have contact with the POD? What recourse does the bank have on distributing the money to the appropriate POD? I know that FDIC insurance lapses 6 months after the death of the owner.
01/07/2013
On IRAs, upon death of the owner, may the beneficiary (spouse) roll that amount into their own IRA? And, can the beneficiary spouse receive the entire IRA as a distribution.
10/29/2012
What are some things to watch out for with Powers of Attorney?
10/08/2012
Is there any stipulation on opening a personal checking account as "ITF" an organization in the state of Pennsylvania?
09/17/2012
Traditional IRA. If a client opens an IRA and designates his/her spouse as primary beneficiary, does the financial institution need to have the spouse initial and sign under the Spousal Consent - step 3. (nonspouse beneficiary designation)?
09/03/2012
If an account was not escheated due to an oversight and the customer is deceased, are we allowed to contact the beneficiary (POD)? Or are we required to send the funds to the state?
07/02/2012
I have read some of the responses to questions regarding whether estate and trust DDA accounts are eligible for "NOW" accounts. I am still confused. If the estate or trust account is in the name of the individual, i.e. Jane Doe Revocable Trust or Estate of Jane Doe; are they eligible for a "NOW" account? The trust papers we receive at account opening designate a trustee and personal representative papers designate a personal representative. However, these papers do not state beneficiaries specifically so can we assume the beneficiaries are the person who they trust is opened for, or their spouse, children, etc? Or do we need some type of documentation stating who is the beneficiary of the account specifically?
06/11/2012
If a check is made out to a trustee and the trust but the word and is not there, is this treated as an "or" situation allowing the trustee to cash the check or must the check go through an account in the name of the trust?
05/07/2012
Where can I find in Reg J information pertaining to the return of a wire transfer? Is the receiving bank liable? Do you have to obtain debit authority from the Beneficiary of the wire before you can debit the account?
04/30/2012
If the owner of an account is deceased, should the beneficiary close the current account and open a new one? If not, how should the account be titled?