Latest Compliance - Business Accounts/Checks Topics

HSAs and Balance Transfers

09/15/2024

Are banks held accountable when customers transfer money from HSA accounts to personal accounts or LLC accounts?

Completing CTRs on a business account

08/18/2024

When filing a CTR on a business deposit, do you include everyone on the account like you would a personal CTR or just the actual conductor?

Signatory for Corporate Accounts

07/30/2023

For corporate accounts, can anyone other than the Secretary sign a Signature Card resolution? The Secretary is not always available to sign and I'm curious if another officer of the corporation can sign?

Business accounts and Reg E

05/14/2023

Is there any sort of notification requirement for business accounts? (my guess is no)

Business Account Registration Requirements

04/09/2023

When opening a business account, is it required that a bank have the company register with the state that the bank is located in? For instance, we see quite a few companies that are registered in Delaware but the company also operates in Tennessee. I know they should register with the Secretary of State in TN, but is it the banks responsibility to manage that process and make them do it before we open an account for them? Will any of this change with the new beneficial ownership rules?

Using Corporate Resolutions

02/26/2023

How should banks be using corporate resolutions with business deposit accounts? - Should we be documenting who has what authority to do what as stated in the resolution? - How do banks use them after the relationship has been established? Not all businesses have a corporate resolution created by an attorney, so what should the bank's true role be with these?

Reasons to Refuse a Foreign Account

01/15/2023

We have a customer (existing, but the current business is unrelated to the business in question) that maintains a business based in the UAE and wants to open a deposit relationship in the U.S. The customer is willing to register the business in Texas as a foreign entity, using the UAE address. Our policy states we do not open accounts for foreign business. We are a small bank with small infrastructure. I have a suspicion that this deposit account will be used as a shell company. How can I inform management that I do not recommend opening the account for what I deem a high-risk entity? Is there something I can cite as support?