05/14/2007
I am updating the bank's signature card sample and I am starting to question myself about ownership and disclosures for fiduciary accounts. For example, we open an escrow account for a realtor with the account titled "John Doe, Escrow Account" and the realtor is the authorized signer. Is this a personal purpose or business purpose and what disclosures do you give them? Are fiduciary accounts personal or business if the funds are held for a individual?
04/30/2007
I was under the impression that business interest checking is legally only for non-profit or sole proprietorships, not for profit organizations or corporations. It has recently be brought to my attention that one of our clients is able to have an interest bearing checking account for their profit corporation at another financial institution. Is it possible for them to have an interest bearing checking account for an incorporated account?
03/26/2007
I am sure that I read that you can not transfer your fiduciary powers to another person. We have a customer who is the conservator of the conservatorship account of one of our customers and he wants to add a signer on this account. Can we accommodate this customer?
03/19/2007
Must US Treasury checks be endorsed, or can they just be stamped with our generic "credited to the account of the within named payee"? My question comes from a situation with a customer who comes with these checks made out to her husband for another person (Joe Smith for Suzy Doe). She deposits them into the joint account with no endorsement of any kind.
11/13/2006
If a reputable and good standing community bank (Bank A, which is publicly traded) approaches another good standing community bank (Bank B, which is publicly traded) for merger talks, is it not the fiduciary responsibility of Bank B's Board of Directors to entertain the idea of the merger? What are the rules and regulations that state bank board of directors have a fiduciary responsibility to not only the bank, but the stock holders as well?
10/23/2006
Is a durable power of attorney legally responsible for ensuring that federal income tax returns are filed in the case the grantor is mentally incapacitated?
10/09/2006
Can a bank customer deposit a check that is payable to their revocable trust with he or she named as trustee into their personal account?
09/18/2006
Do you know of any regulations prohibiting a custodian from cashing their own personal checks against a minor account? Do we lose recourse against the minor account if the custodians check is returned NSF?
09/11/2006
Is an IOLA account covered for FDIC insurance purposes?
08/29/2005
Can a personal representative of an estate add an authorized signer to an estate checking account?