Depositing Custodial Checks Into Personal Accounts
05/20/2002
Can an individual deposit a check payable to themselves as custodian for a minor, into their own personal account. Not into a custodial account.
Sam Ott
Bio:
Sam D. Ott is an attorney who specializes in banking and is of counsel with Phillips Murrah P.C. Prior to entering into private practice, Sam was Executive Vice President of Glia Group, Inc., the originator of BankersOnline.com. He was previously General Counsel and Secretary of the Board of BancFirst Corporation and BancFirst. Before his association with BancFirst, Sam served as Assistant General Counsel for The First National Bank and Trust Company of Oklahoma City and General Counsel for both First Interstate Bank of Oklahoma and Boatmen's Bank of Oklahoma.
Areas of Expertise:
Article 9 Products
Contact info:
You can contact Sam by email at sam@dapape.com or by telephone at 405-364-3346.
Questions Answered
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Affidavit of Heirship Disbursement Limits
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Where UETA Is In Effect
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CTR Filing Requirements: One Customer, Five EINs
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We have a customer who controls 5 different companies, each with its' own EIN. After a weekend, we found night deposit bags for two of them; one with $6861 in cash and the other with $967. During the course of the rest of the day, three different individuals came in with deposits to the other 3 companies, each under $10K. The total cash among all 5 EINs was over $15K, but no business received over $10K in cash, and no one person came in with over $10K in cash. I told the branch manager that I did not think a CTR was necessary. Was I right? If it matters, the 5 companies are all restaurants.
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A government entity has 5 savings passbook accounts with my institution. Each account has a separate name (e.g., ABC Project I, ABC Project II, ABC Project III, etc.) The government entity is named as the trustee for each of the accounts. And each account has the same tax identification number. My question is this: Are each of these accounts insurable by FDIC for $100,000.00?