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Latest Compliance - Sole Proprietorship Topics

Sole Prop Using Personal Joint for Business

10/06/2019

What are your thoughts on a sole proprietor using a personal joint account for business transactions? Merchant deposits and payments are going in and out of the account (less than 15 transactions a month). We have insisted that our customer open a business account for his sole proprietorship. Is it wrong for us to require it?

Converting Partnership to Sole Proprietorship

06/17/2018

One of our customers has approached us and asked that we convert his partnership account to a sole proprietorship account. Can he operate the same account as sole proprietorship or does he need to open a new bank account?

Consumer doing Business from Home-DBA Required?

09/24/2017

I thought if a bank found out a consumer was doing business from home, it was the banks responsibility to require they have a ​DBA. For instance; we have a consumer that deals in junk cars and scraps the metal. He brings in checks from scrap yards on a weekly basis made to him personally however we know that is how he makes a living. What is the ruling on that? Is there a reg that discusses ​this type of customers??

Consumer doing Business from Home-DBA Required?

06/11/2017

I thought if a bank found out a consumer was doing business from home, it was the banks responsibility to require they have a ​DBA. For instance; we have a consumer that deals in junk cars and scraps the metal. He brings in checks from scrap yards on a weekly basis made to him personally however we know that is how he makes a living. What is the ruling on that? Is there a reg that discusses ​this type of customers??

Documents When Sole Proprietor Dies

03/31/2014

What documents are needed when the sole proprietor dies? Can the husband take over the business? Will he need to go file for a new assumed name certificate?

Sole Proprietorship with Fictitious Name Certificate

12/03/2012

If a customer has a sole proprietorship along with a Fictitious name certificate, does the account still need to include their full name? Example: John Doe is the sole prop. He has a certificate to do business as Doe Technologies. Can the account be titled Doe Technologies or must it be titled John Doe DBA Doe Technologies?

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?

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Most Popular Compliance Content

Is this a lottery or a sweepstakes?

01/05/2025

Our debit card vendor, TransFund, is doing a 50th Anniversary giveaway to its cardholders. In order for our cardholders to be eligible, we have to register our bank for the giveaway. If we do register our bank, every time our cardholders use their TransFund debit card for a qualifying purchase, they are automatically entered to win. TransFund will be awarding a $1,000 winner each month, qualifying them to win their choice of a new car, valued up to $50,000. In addition, TransFund will be giving away $500 per month to a qualifying cardholder who uses a TransFund ATM. TransFund is calling this a sweepstakes, but wouldn't this be considered a lottery? Can our bank register for this and then market it to our customers? I'm having a hard time understanding why a debit card vendor that does business with hundreds of banks in different states would put them at risk with the law by offering a lottery to its customers. I'm hoping my understanding of a lottery is just wrong. Any guidance you can give me, would be greatly appreciated.

Who's responsible for delayed billing?

01/05/2025

We have a customer that used a debit card to rent a car on 11/22/2022. The preauthorization amount was for $854.60. The customer has since disappeared. The rental car company has finally sent through a posting transaction on 03/13/2023 using that original authorization in the amount of $38,843.18. Can the rental company send that much through using the same authorization? Is there a time frame the merchant has to complete the transaction? Can I dispute this transaction through ACH or credit/debit card rules or something else?

Handling Reg E "Dated" Claims

12/29/2024

In July, a customer submitted a Reg E dispute for debit card transactions which happened in March, April, and May. The first statement was in April. The customer still has his card. The dispute team processed the claim, eventually finalizing it by crediting the customer for the first statement plus 60 and denying the remainder. Earlier this month (September), the customer filed another claim for the same merchants but for an earlier period, December-February. Do you agree that this must be treated as a separate claim because the first one was already made final? If the second claim came in before the first was closed I am assuming we can combine the two since the same merchants are being disputed.

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