Most Popular Operations Content
Posturing to avoid legal action-SAR?
03/20/2022
Could this be SAR worthy. A new business customer is in dispute with their old bank over unpaid loan balances. This customer created a "new business", which is really the same business but with new name, new tax ID, etc. All the paperwork is in order. The customer has legal counsel and is fighting the claim against him in court. It is matter of public record. The case is scheduled to be heard in a few months. The owner of the business (the one with the claim against him) is not a signer on the new business account, only the CFO is. We think this is intentional to avoid any garnishment or levy against the new business account. Do you feel this renaming of the business and keeping the owner off the account qualifies for SAR or is this just normal and reasonable legal tactics pending the resolution of the claim against him? That being said, there is another element here as he also opened a personal money market account where he originally deposited $76,000 in tax refund checks from the US Treasury. These checks are payable to him as an individual. He has subsequently made 20 cash withdrawals totaling $61,090 in 4 months from October to January. He says he is using the money as gifts and for the business.
Tax reporting on decedents
03/20/2022
We would like to know if banks are required to mail out tax documents to decedents. If it matters we are a NY bank.
Who can close a deposit account?
03/20/2022
Can a non-owner authorized signer on an account close the account?
Fraud statistics
03/20/2022
What is the average length of time for employee fraud within one financial institution?
Armored Car Services and CTRs
03/20/2022
Armored car services are so confusing. When do you get info on the driver?