Skip to content
 

Latest Operations - Joint Accounts/Tenants Topics

Identifying "protected funds" under Treasury's garnishement regulations

07/28/2024

Two of our depositors receive direct deposits of both VA and Social Security benefit payments to their joint checking account. We received a garnishment order naming one of them as judgment debtor. When we looked back over the past two months’ account activity, we found two direct deposits for Social Security benefits and two for VA benefits. These customers routinely move their SSA and VA deposits into their savings account soon after they are received, and appear to meet their monthly bills using monthly IRA disbursements. Can we treat the SSA and VA funds in the savings account as “protected funds”?

Joint account withdrawals and CTR filing

07/07/2024

I have a CTR question. Husband writes a check to Wife for $10,000.00 and she cashes it. Husband then uses the ATM to withdraw $600.00 from his debit card. There is no way to know if both of them are benefiting from each transaction. Would a CTR be filed?

Styling a Joint Venture Account

07/30/2023

Can a joint venture be between two individuals? If yes, how should the account be styled should the EIN be the Social Security number of one of the individuals?

Joint Checking Acct and Authorized Signers

10/03/2021

Can a jointly owned checking account have an authorized signer(s)? An example being, an elderly lady in poor health has an individual account. She wants to add a daughter (who lives out of state) as a joint owner. She also wants to have a son and another daughter (both live closer) added as authorized signers. Is this allowed and does it matter we are in Missouri?

Writ of Execution & Joint Account Hold

03/31/2019

I have a question about a writ of execution. Our bank is in the state of Pennsylvania. If we receive a writ of execution on an individual and they have a joint account may we put a hold on that account if the other person is not listed on the writ of execution?

TIN on joint trust

10/14/2018

If there is more than one grantor/trustee, as in a joint trust, upon the death of the grantor whose SSN was used, can the SSN of the surviving grantor then be used?

Joint Standard DDA Safe Deposit Box or SAV Acct?

09/24/2017

I cannot find the answer to this question anywhere - Joint standard DDA, safe deposit box or SAV account; when the bank has knowledge that one of the account holders has died, are we in violation if we do not change the title/ownership on the account? Widow would like to leave her husband on the account (he is primary)?

Pages

Most Popular Operations Content

Calculating a customer's IRA RMD

01/19/2025

We have a customer who made an IRA deposit for the previous year. When calculating her RMD, our system is including this deposit in her RMD amount even though it was not her ending balance as of December 31st. We don't believe this to be correct as everything we find says the RMD is based on the end-of-year balance. Are we correct or should we include the deposit she made after 12-31 in calculating her RMD amount?

Terms and Conditions for Online Banking

01/19/2025

We need to update our online banking terms and conditions. Is there anywhere that we can get one that is created already or a place where we can find a template?

Use of Nicknames

01/12/2025

How do other banks handle situations where you have an individual who goes by a "preferred name" such as Lillian when their legal name is Lawrence? There is no legal name, identification or SSN change to show as evidence of identity but their place of business is making checks payable to the preferred name as well as their family members. My thing is - how do we know that these checks belong to Lawrence? It could possibly be a family members check.

Electronic delivery of escrow analysis statements

01/12/2025

We are thinking about placing the Annual Escrow Analysis statements on customers' online banking portal (same place where monthly statements reside). In looking at 1024.17 (and its subpart under RESPA), there doesn't appear to be any call out eliminating the need to deliver via USPS. If we went to electronic delivery (within compliance under the ESIGN Act), would we then still have to deliver a physical copy of the annual escrow analysis statement (when required under the same citation)?

Pages

Search Topics

Operations Topics

Operations Related