03/31/2024
What are the pro's and con's of New Accounts completing various Resolutions when opening business accounts?
I was advised by legal, that if we use ione, it needs to be board approved and we better know how to complete them accurately. If they are this binding or legal of a document, is it best to not use them? Our system generated resolutions are complicated and we are not completing them consistently.
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?
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?
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?
01/17/2021
When a corporation has an account titled "Smith mowing DBA Jones Hardware," may we accept deposits in both company names into the one
account?
01/03/2021
We are on the verge of implementing eSign for our branches for maintenance tasks in addition to account opening and lending. I think this will help with some customers who tend to change signers rather frequently, such as with closers on settlement agents' accounts. I'm beginning to consider whether collecting their signatures on Resolutions adds value, or whether an authorization from the principals in the Resolution is sufficient? I am also considering whether we can use a separate authorized signer list with signatures as an appendix, rather than re-creating a signature card every time there is a signer added or deleted. Am I behind the times?
12/13/2020
We have a client who owns several business accounts under a corporate DBA. The accounts are titled "ABC Corporation, DBA DEF Company". He also has the Family Trust listed under each account. We are told that he cannot have business accounts under the trust because once a trust, always trust. Will he then need to close and reopen these under the Corporation?
11/01/2020
Can two separate LLCs have a "joint" bank account, and if state laws impact this, in the state of Florida?
08/09/2020
Regarding a Beneficial Owner Certification: ABC, LLC (Borrower) is 100% owned by DEF, Inc. DEF, Inc. is 33.33% owned by 3 individuals. Would I need to list the individuals as having 25% or more ownership on the certification, even though they are not owners of ABC, LLC?
08/25/2019
We have a customer wanting to open an Professional Limited Liability Company. What should the bank get for documentation? Do we need the
Admission to Transact Business and Articles of Organization?