09/03/2012
We have a potential new customer who does business as a scrap dealer (appliances etc.). He receives checks made out to the name of his business. Does he need to have an account titled with the business name or can the checks be deposited into an account in his name, since it is a sole proprietorship and does not have a federal tax ID for the business? How should sole owner accounts be set up?
08/20/2012
We recently came across a joint account where the primary tax reporting owner has been deceased for over a year. Judging by the information on-hand, the death was discovered through the obituaries. The joint owner is still actively using the account by electronic means but we have neither been notified in person nor received any legal documentation. I have searched state statutes and have been unable to come up with an answer to this question. Is there a required time frame or a suggested time frame in which these type of accounts should be transferred into the joint owners name and tax ID number? I'd like to pose the same question in regards to single party accounts. Is there a time frame recommended to getting this account settled?
07/09/2012
How many DBA's can a Sole Proprietor have when they do not have a separate Tax ID number?
05/28/2012
We know we can't discriminate on doing cash advances for non-customers. Are we obligated to do advances on the H and R Block Mastercard refunds? They don't even have a card owner name on them and could be a large liability for banks.
01/09/2012
A local college (bank customer) gives "scholarship" checks to students to use as they want. We never know when they will be issued or for how much, but the total is quite large. We do not keep that much on hand to cash these checks. An agreement with the college is that we will not cash these "on-us" checks for more than $1000. Can we refuse to cash on-us checks?
01/02/2012
Our customer's mother passed away. He is wanting to open a testamentary trust in his name per the deceased will. Do we need separate trust papers for the testamentary trust or just the ss-4 showing he filed for a tax id number?
12/12/2011
We have a business customer that has a corporate account with a tax ID#. He is also a member/manager of an LLC that uses the same tax ID as the Inc. Both the Inc and the LLC have been filed with the state of WY. He is making deposits into the Inc. account but some of the checks are made payable to the LLC and some to the Inc. I thought that if you have an LLC and Inc. you would have to have a separate account for each entity. The customer tells us that he does not need a separate account as the LLC account conducts all business and operations through the corporate account. Is this a true statement?
08/01/2011
We have a joint account for a sister and a brother. The sister passes away. The family is in the process of establishing an irrevocable trust but is waiting for a tax ID number. The family needs to pay bills and has checks in the sisters name. Can the checks be made payable to the brother stating for deposit only and be deposited in the deceased sister and brothers account for him to pay the bills? Do they need to wait for the tax ID# to deposit into the trust account in order to pay the bills?
07/18/2011
Can a check made payable to a dba by an account holder be exchanged for a cashiers check made payable to the same dba if presented by a non account holder? If so, are dba papers required?
07/11/2011
If a customer opens a trust account and uses the tax ID (ss#) of one of the trustees as the tax ID number for the trust. In what name should the 1099 Int be reported? Should it be reported in the name of the individual or in the name of the trust?