Vendor Guru Q&A - Compliance

Latest Compliance - EIN Topics

Using a EIN on a personal account

01/28/2024

We have a customer that is an agent for one of the local insurance companies. She wants to open an account in her name only using the insurance company EIN, can we do that?

EIN Separate From SSN- CIP Procedures

11/25/2018

I have a new customer who has a single member entity that is disregarded for tax purposes (rental income and expenses are reported on personal tax return), but has been assigned an EIN separate from his SSN. The entity is 12 years old and he has misplaced his letter from the IRS verifying the LLC's EIN. What is the easiest way to document this to comply with CIP procedures? Can I take his and his accountant's word that the EIN is correct?

LLC w/Series But Not Separate EIN

07/22/2018

Can an LLC with a Series that does not have a separate EIN be linked to the account as an assumed name (DBA)? We have an LLC customer that does have a Series without an EIN. The customer wants the Series attached to the checking account as an assumed name. I was told years ago that an LLC that has a Series would either have the Series with its own EIN and linked to the account as primary without the LLC name, or the Series would be added as a subtitle on the account and not linked as a DBA.

FDIC $250,000 Insured Limit for Multiple Accounts

05/13/2013

FDIC question - if a company has several individual franchises, each with a different EIN, are the accounts insured up to $250,000 limit?

How to Fill Out New CTR for Business Deposit

04/22/2013

I am trying to fill out the new CTR form and do not know how to do the boxes and blanks when a person comes into the bank and makes a deposit for a business. On the old form, we put the business name and EIN in the PART 1 section A and then put the person who conducted the transaction in Section B of Part 1. The new form #20 - is this info on the person that actually makes the deposit? I would think I check box 2c but then I do not know where to put the employee's info. I see the + - buttons at the top but do not know if this is when you use them. Any help would be great.

Sole Proprietor CTR-Use TIN or SSN#?

11/05/2012

When filing a CTR on a sole proprietorship where the owner has a separate TIN for the business, which do we supply on the CTR- the SSN for the sole proprietor or the TIN?

Two Trusts w/ Two Separate EINs One Account?

10/22/2012

Can there be two trusts with two separate EINs as owners on one account?

Business Purpose Medical Marijuana-Legal?

10/08/2012

I have a possible prospect that would like to open a business account here and he has his business license and EIN number. The purpose of the business is Medical-marijuana dispensaries. We are a community bank and I want to know if it is legal to even open in the state of WA. I understand it is legal to have these dispensaries in the state of WA, will we be in compliance?

Sole Prop Have 1+ Business Under the Same EIN?

10/08/2012

Can a sole proprietor have more than one business under the same EIN (this is not an LLC)?

How to Complete CTR for Business DDA Account

03/19/2012

We have a customer that has a Business DDA with the first name line his own, tied to his own social and the second name line his dba tied to an EIN. If he deposits over $10K cash into THIS business account how is our CTR to be completed? Our "tax" line is tied to the DBA and its EIN. Please advise.

Data breach and card reissuing

11/17/2024

We have been notified by Mastercard of a data breach and need to inform our customers who were impacted by this incident. In previous financial institutions where I have worked, we typically send a letter to notify customers about the card compromise. This letter includes the date we will be closing their card and informs them that a new card will be issued. My question is regarding the regulations surrounding this process: Can customers choose to keep their card active? If so, where does the liability lie if they experience fraud in the future? I am looking for a regulation or a Mastercard rule to implement a formal policy, as there isn't one currently in place at my current financial institution.

Audit checklist for bank as mortgage loan broker

11/17/2024

I am looking for a checklist that auditors would use when doing an audit on a brokered mortgage, specifically when the bank is acting as the broker. Can anyone give me a suggestion as towhere to find one? I have been searching the internet but have not really found anything that would help me with this.

Deceased Joint Accountholder Process

11/10/2024

Is this correct? Surviving joint account owner(s) can continue to use a deposit account as normal. The decedent will need to be removed from any deposit account they are an owner of. We thought the account had to be closed and another one opened but I'm hearing conflicting opinions.

Is checking online banking, being aware of a loss?

11/10/2024

Can a bank use the customer’s history of access to their online banking, to determine when the customer was aware of a loss such as an unauthorized electronic funds transfer?

Rep Payee and Reclamations

11/03/2024

If Representative Payee dies, what happens to existing funds in the account post reclamation of that months funds? Does the new Rep Payee have authorization to access funds?

Latest Compliance - EIN Topics

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