10/25/2010
We have a deceased customer who had an account with a beneficiary designation. Should the account go to the estate rather the beneficiary or do the funds need to be disbursed to the beneficiary?
10/18/2010
We received a check from another institution as an IRA transfer, titled "Our Bank FBO John Doe Estate SEP IRA BENEF of John Doe SEP IRA. John Doe, DOD 02/25/2008 and in RMD; Jane Doe, Spouse and Sole Beneficiary of original SEP IRA, DOD 12/31/2001. The beneficiary of John Doe's estate is Baby Doe - Irrevocable Trust with Baby Doe as Sole Trustee. Baby Doe is also the executor of John Doe's estate. Can I accept these funds as a transfer? Shouldn't this have been set up as an inherited IRA titled "Baby Doe Trust, Beneficiary of John Doe Estate, Inherited SEP IRA" PRIOR to transfer to our bank by check? I confirmed it was sent out as transfer using the trust EIN. I have no idea how to set this up, or if I can even accept these funds payable in this manner.
10/04/2010
I would like to know the difference between "Tenants in Common" and "Joint Tenants WROS". If a deposit account is titled as "Tenants in Common" can it be re-titled by either joint owner?
09/27/2010
Are there any restrictions on advertising for commercial real estate mortgage loans? We would like to include information such as "Rates as low as 4.99% APR fixed for the first five years..." Do we have to follow Reg Z?
09/20/2010
A customer died on June 15th with no beneificary, and no estate account has been set up. How soon does the IRA need to be transferred to the estate?
09/06/2010
On a Certificate of Voluntary Administration, it states that the administrator is only authorized to collect and receive the following personal property of the decedent: Mutual of Omaha XXXXX Authority to open an estate account. Does this mean that he can only receive this one check into the estate account and cannot do any other transactions with the estate?
08/23/2010
We had a large (over $10,000) cash deposit made at our bank into an individual account with an authorized signer. The account owner is deceased and the authorized signer brought in the cash deposit. How should we complete a CTR?
08/16/2010
Our customers frequently deposit checks made payable to our institution. I am not sure if we can accept these checks for deposit if they are not the maker, and if we can supply the absence of endorsement stamp to these items. Our general rule of thumb is to allow customers to make the checks payable to our FI if we are applying it to a loan payment.
08/16/2010
We have had an attorney express interest in a new 'multi-party' account that could be used for estate planning. He referenced a new law that will come into effect on July 1, 2011. I'm not sure if this is solely under Illinois State Law or not. Could you provide me with a documentation resource for more information?
08/02/2010
We receive letters quite often from attorneys representing deceased customers or their estates. The requests are usually for a listing of “all funds on deposit with the bank owned by the decedent, either individually or jointly with others, including types of account, account numbers and balances as of the date of death.” If a Death Certificate and Letters Testamentary or Affidavit of Heirship are furnished, we provide this information. However, we recently had a case where there was a joint account on record with the wife and also a money market account with only the son as the other owner. Both accounts were joint with right of survivorship, no POD. Since the account ownership transferred to the son on the money market account, should we have included the particulars on that account in the response to the attorney’s letter? Do you have any archived webinars or papers addressing similar situations for us on which to do training?