11/08/2010
When a customer signs a W9 for one account verifying the TIN, can that TIN be entered on other accounts for the same customer without another W9?
11/01/2010
We have been been notified that the sole owner on an interest bearing account is deceased. It has been several months and the personal representative has not come in yet to close the account. Should this checking account be changed to a non-interest bearing account?
10/25/2010
We would like to know the correct way to open accounts such as Boy Scout Troops and PTOs (when they are using another entity's TIN).
09/20/2010
If we give a $60 gift certificate for checking account referrals, do we have to issue a 1099 INT or a 1099-MISC?
09/13/2010
Are there any rules or regulations about letting a safe deposit box renter take his rented box home?
08/30/2010
I have been in banking for awhile and am being told I am making a mountain out of a mole hill. When it comes to DBA accounts, I have one opinion on what purpose/style account should be opened and I am being told by others that I am not correct. There are two differing opinions when we open a DBA account. For example, one opinion is that Mickey Mouse DBA Great Escape Mousetraps should be opened as a personal style account, where at the account maintenance level, the code would indicate consumer for the purpose of household or personal use. The other opinion is one in which it should opened as a business style account, where at the account maintenance level, the code would indicate business for the purpose of business. The reporting tax ID number in both situations would be the customer’s Social Security Number. If I understand correctly, there are different regulations regarding the purpose/style of an account and there are different protections and benefits for each purpose/style. Can you please help as to which purpose/style would be proper? My best interest is doing things the correct way for the both the bank and the customer.
08/09/2010
We have a customer who runs an insurance agency titled under his name,(John Doe, Agent). If he wants to open an account so that the premiums he collects on behalf of certain companies can be swept out by ACH on a regular basis, how should it be set up? He is a sole proprietor; should he have access to the funds, TIN or SSN for the account? He wants "trust account" in the title. What if he receives an IRS levy, could these funds be taken? Please let me know the appropriate way to set up this account type.
08/02/2010
Can a joint owner of a personal account assign/give an account title modifier/nickname to the account that would include "association" in the title (i.e. "nowhere county professional association")? This is a personal account under an individual social security number. The customers are not buying, selling, or operating in a business manner. This is in essence a club.
04/05/2010
I am reviewing a trust where two individuals are the trustees of a Revocable Trust for their mother. The two individuals, trustees, want to add their mother and a sister as agents. The trust agreement allows for the appointment of agents. They want thier mother's social security check to go into this account that is using a #38 TIN that is not the mother's social security number. Will there be a problem with a direct deposit of social security going into a trust account where the TIN on the account is not the social security number of the person receiving the social security benefit?
03/22/2010
Is there anything wrong with changing a personal account into a business account, or a business account into a personal account? If disclosures are given, what other issues should be considered?