Latest Compliance - Beneficiary Topics

Can a custodial account be used as collateral for the custodian?

03/04/2002

Can a custodial account (certificate of deposit) be used as collateral on a loan for the Custodian, i.e., Jane Doe, custodian for Johnny Doe? It is not titled UTMA, but the minor's SSN is used on the CD.

IRA Beneficiary Designations

02/04/2002

IRA customer wants to designate as her beneficiaries her son and her daughter (5050), but if something happens to her daughter, she wants to ensure that her daughter's children receive equal parts of the daughter's share what does she need to do to make sure this happens?

Custodial Account Closing: Can either parent close the account?

11/05/2001

I had a request to close a custodial account the other day that came from the childs father. My problem is, the only authorized signer on the account in question is the childs Mother. My initial response was to say no but i wanted to seek a second opinion. If it makes any difference, we are talking about illinois law.

Withdrawing Money For Funeral Expenses (Nonaccountholder)

07/02/2001

One of our CSRs has heard that a next of kin can withdrawn $1500 from an account they do not sign on to payfuneral expenses for the account holder. This is without court papers. Is this true?

Letters Of Credit

08/01/1997

Many of our financial institutions issue letters of credit.

Vendor Guru Q&A's - Compliance

Compliance tiers for Dodd-Frank Section 1071

Data privacy & Section 1071

Batch processing vs. transaction level processing for deposits automation

Section 1071

Exception management and better audits

Resolving credit and loan document exceptions

Proactive loan exception management

Tracking loan policy exceptions

Reasons for loan policy exceptions

Audits and document management

Risks of opening account for trust

09/08/2024

We have a client wishing to open a checking account through an irrevocable trust for the purpose of funding a self-directed 401K. The checking account would collect funds and then under the trust be invested as outlined by the trustee. What liability would the bank have if we opened the account?

Right of offset

09/08/2024

Is a letter to the borrower required when right of offset is used?

Discontinuing cash advance service

09/01/2024

Can a bank offering VISA cash advances stop offering cash advance services?

Does one mistake make a business an MSB?

09/01/2024

We have a commercial customer that cashes checks, but they are not registered as an MSB because they have a policy to not cash checks for one person over $1000 in one day. We found one instance of checks cashed over $1,000 for one person. Are we required to have the customer register as an MSB, or can we verify their check cashing policy and continue to monitor the account for any further instances?

Lost Debit Card

08/25/2024

We have a customer that lost their debit card but didn't notify us until day five. Under Visa's zero liability policy, would this be considered "gross negligence"? The charges do not all add up to $500.00, so are we required to give the customer any credit at all?

Latest Compliance - Beneficiary Topics

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