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Latest Operations - Sole Proprietorship Topics

Business Acct. w/DBA-Add as Signer as Well?

12/31/2017

A wife requests to open a business account and add a DBA listing her husband's name. The account set up would be: Jane Doe DBA John Doe. Jane Doe is listed as the owner/signer on the account and then her husband's name listed as the DBA on the account. She also presents a letter from the IRS indicating an EIN has been assigned to John Doe with no actual business name listed. Is this considered normal practice? Should John Doe be identified and added to the account as a signer as well?

Opening DBA Account with​​ SSN

01/29/2017

When opening a ​DBA account with​ an​ SSN, is there any reason to run a ChexSystems or similar report on the DBA name? Is the same true for a ​t​rust ​using an SSN?

Sole Prop Designate A Payable On Death Beneficiary

09/15/2014

Can a sole proprietor designate a Payable on Death beneficiary? I have an elderly farmer who wants his farm business to go to his son who is authorized on the account, that is why I wondered about it if it could be POD

Cashing Check Payable to Sole Prop Business

06/23/2014

If a check is made payable to a business that is a sole proprietor, can we legally cash the check without depositing first into a business account? (example: Check made payable to John Doe Trucking - can John Doe cash the check?)

Documents When Sole Proprietor Dies

03/31/2014

What documents are needed when the sole proprietor dies? Can the husband take over the business? Will he need to go file for a new assumed name certificate?

How to Open/Close Business Acct w/New Ownership

07/01/2013

If a business customer has sold his business and is changing ownership, what would be the reasons to close out the old deposit account and open a new. Could the old account remain in tact and replace signature cards and business documents?

Transfer Method for Business Into Minor Account

06/24/2013

We have a business customer that periodically transfers money from his business account to his grandchild's minor account. We are trying to explain to the tellers that they cannot do the transfer this way and they want to see it writing why it can't be done by a transfer slip and should be done by a check deposited into the minor's account. Can you direct me on where this documented and/or a reason to give them why it should not be done this way?

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You can’t change Reg E because you want to

12/29/2024

How can we shorten the time limits in regard to a customer reporting a problem in for Reg E? Our card agreement requires provisional credit in five business days, so we want the customer to be forced to notify us sooner.

Authorized signers on a bank's own accounts

12/29/2024

I'm looking for some insight on bank controlled internal accounts (i.e. cashier's checks, accounts payable, interest disbursements, etc). I need to perform account maintenance and add signers to the accounts. Are there any compliance regulations that can help steer me in the right direction as to who in our institution should be signers on these accounts? For our cashier's checks, we are not limited to bank officers, so any employee with signing authority can sign a check, but they do not have access to the accounts outside of that. There has been debate about who should be on the accounts and if it needs to be those who are reconciling or processing funds.

ATM Trends and Threats

12/29/2024

Marking the beginning of modern self-service banking, the first Automated Teller Machine (ATM) was installed at a Barclays Bank branch in London on June 27, 1967.

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