03/26/2007
We have a husband and wife who are farmers in our area that want to open sole proprietor deposit accounts to operate their farm. Can they open a joint account? They do not want the ownership limited to one person as they are equals. I don't see how this can be done within a sole proprietorship, but they say "they've always been able to do that." Can we do this?
01/22/2007
Can CDs be garnished?
01/02/2007
The monthly service charges for all of our consumer deposit accounts can be waived with direct deposit or a minimum account balance. We have an advertisement stating these accounts are free. The stipulations about needing to have direct deposit or certain balances is in fine print at the bottom of the ad. I say this is a violation of Reg DD, am I correct?
12/11/2006
Does the Reg CC apply to savings accounts? Can a hold be placed on a cashier's check if it is deposited into a savings account?
06/12/2006
We are currently doing a lot of giveaways if a client opens a checking account - demand and interest bearing. I know the rules around premiums and bonuses, but I want to know specifically in what instances we need to submit a 1099-INT. Is this if we give away something valued at $10 or more (interest bearing, $10 or $20 for demand deposits)? Also do we have to submit a 1099 for business deposit accounts on which we give a gift of more than $10?
05/08/2006
Are there any prohibitions against soliciting low cost deposits outside of the market area of your branch network?
04/24/2006
For Reg DD purposes, are rate sheets advertisements? My VP in charge of savings says no. I know that an advertisement is a "...commercial message, appearing in any medium, that promotes directly or indirectly the availability of, or a deposit in, an account.". To me, rate sheets promote the availability of deposit accounts, but I'm not sure that they meet the "commercial message" requirement, do they?
03/20/2006
I need some help with Business accounts and ODP's. I took the web seminar on Overdraft Marketing and Policies in June. The speakers briefly touched on ODP's and business accounts (that if we offer it on business accounts we need to make sure that the resolution for Corporations and Partnerships state that the authorized signers are able to borrow money, and just because they have the authority to sign a check does not give them the authority to borrow money). I was trying to explain this to our marketing person and our CEO. Please explain the difference between why we need this for business and not for consumers, and does the above recommendation apply for sole proprietors, POA, and Trust accounts?
02/13/2006
We are looking at changing our savings withdrawal fees from $1.00 to $5.00 per month, after six withdrawals. Will we need to send these changes to our customers at least 30 days prior to the date of these changes? I know Reg DD covers DDA's, but I need guidance on savings.
01/23/2006
If we pay $100 for a new customer to open a checking account is the payment reported as 1099INT or 1099MISC?