09/16/2002
What are our responsibilities on negotiating a US Treasury Check payable as follows: Ruby Winter for Jessica Summer The check will either state "Soc Sec for July" or "SSI for July". Can it be accepted for deposit into an individual account for Ruby, can Ruby cash it,or must it be deposited into an account styled exactly like the check is payable? Do we have any responsibility for ensuring the funds are used for the minor? It has become a customer service issue. For example, perhaps Jessica's father was killed, so she receives the SS benefit. Ruby uses the money to make the house payment, buy groceries, etc. and does not want to keep up with another account.
09/02/2002
On an individual account for a son where the mother is an authorized signer what rights does the mother have on the account. My concern is that the son is going to war but does not want to make the mother a joint owner, with GLBA what in mind can the authorized signer receive statements, balance, information, etc.?
09/02/2002
1)Who is the owner of a POD account? 2)Who is the owner of a custody account? Can a custodian use the money? If yes when? How? 3) Education IRA - Who is the owner and who can open this account and when can the balance be used? There's a maximum contribution of 500.00 year. Is it tax deferred?
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.
05/06/2002
On a UTMA account, how should the custodian sign the signature card for a child in the state of Kentucky? Below is how we have done in the past. "John Doe by Jane Doe parent/custodian"
05/06/2002
We had a situation occur that we were not sure how to handle. Mr. Doe is in jail and has given his sister Power of Attorney to handle his worker's compensation checks. The POA is very limited and states that it is effective thru 5/31/02. Yesterday the sister (POA) presented the check and the POA and wanted to cash the check. We refused because she was not our customer. Today she was back with her husband, and her husband wanted to add her name to his account and deposit the worker's comp. check for $9000 into the checking account. We refused to let her do this as well. How should we have handled this situation? POA's always seem confusing to me when we have no way of knowing if the funds will be managed for the benefit of the person giving the power of attorney.
05/01/2002
(Editor's Note: Legislation has again been introduced to change the limits of FDIC Deposit Insurance which, if passed, will initiate many questions from our depositors.
02/11/2002
I am trying to find where in PA Law or UCC it is documented that a Bank is not to cash a check made payable to a corporation. It must be deposited. I have found reference to UCC 3-307 regarding fiduciary duty. Please let me know as soon as possible.
02/04/2002
I have an attorney that would like me to set up a joint checking account for married customers of his who each have their own irrevocable living trust. This did not seem possible to us, so we set up the account outside of the trust format. He is telling us it can be done. Technically I believe I found this could be done by also using a Tenants in Common format, however it would put the bank at risk as we are not capable of individually policing their checks to make sure that they both have signed the checks appropiately. We've basically determined this is not the type of account that we want or will open. Are we correct in this assumption or is there another way to achieve what the Attorney is telling us we need to do?
12/03/2001
Can a person's legal guardian set up a POD account for them?