08/06/2012
Do we need to run OFAC on a newborn baby whose mother or father have opened a savings account for the baby? We do have the Social Security number for the newborn.
08/06/2012
We have customers who have social security checks for dependents made in the following manner: "John Doe For Jane Doe" wherein in some cases the dependent is either a child or disabled person. I argue that these checks are payable to "John" as he is the first payee, and "Jane" is not actually a payee. Therefore, the check should be negotiable by John, or depositable into an account held solely by John. My FI has recently instituted a rule requiring these types of checks to be deposited into a) a UTMA account for "Jane" b) a Rep-Payee account for Jane or c) an account held solely by Jane. As in many cases Jane is either a minor or disabled, I believe forcing an account to be opened under her name to be irresponsible banking. I would like to know the guidelines for negotiating a check made either to "John Doe For Jane Doe" or "John Doe For the Benefit of Jane Doe"
02/13/2012
I have a customer who came in last week to cash a check made payable to his minor child, using a UTMA savings account that he has opened for his child at our bank. He endorsed the check on the back with his fullname and also wrote "sign for + his child's full name". As far as I know, if a check is made payable to a minor who has a UTMA account, the check should be deposited to the UTMA account and cannot be cashed. On the other hand, it is said that only the custodian of the UTMA account can have full access to the account, which means to me that he can cash the check made payable to his minor child. How should I understand the rights of a custodian to a UTMA account correctly?
01/16/2012
If a customer deposits a check made payable to "Karen Smith Custodian, Charles Smith UTMA TX" can the check be deposited into Karen Smith's personal checking account?
01/09/2012
Can a 40-year-old "minor" deposit a check payable to "father CUST for minor under UTMA" if the father is deceased and the minor is an executor or estate representative?
10/31/2011
Our Bank has discontinued UTMA Passbook savings accounts. Now, all UTMA savings must be statement savings accounts. Apparently, someone read that an UTMA account must receive a statement. Can UTMA accounts be passbook accounts?
08/22/2011
Can an UTMA be opened with a ATIN (Adoption Taxpayer Identification Number) until the Social Security Number is issued? If so, are we required to withhold?
02/14/2011
On ILUTMA accounts, can the custodian have their paycheck direct deposited into the account?
02/07/2011
In the state of NM can a minor account have more than one custodian? If so, is it still considered a single party account w/multiple custodians? or how do we best describe the beneficiary designation?
08/23/2010
If a POA makes a reportable withdrawal for the custodian on a PUTMA account, we will put the custodian in Section A of the CTR and the POA in Section B. Do we also need to include the beneficiary of the PUTMA in another Section A? We don't know if the money is going to the beneficiary or not.