Most Popular Operations Content
Unaccompanied Minors
12/17/2007
Can minors open a checking or savings without an adult? I am getting conflicting answers.
Abandoned Property Regs
12/17/2007
When we have a deceased customer with sole ownership of an interest bearing account and are unable to locate the administrator or executor and have to hold the account in accordance with the State's abandoned property regulations, do we continue to report interest income on form 1099-INT in the name and social security number of the deceased individual?
Skip a Payment - Marketing & Compliance Issues
12/17/2007
Our marketing department wants to offer a skip a payment program to consumer loan customers. They will be sending out a mailer offering the customer the ability to skip one month’s payment during the Christmas holidays. Actually, it will be December through February and the customer can choose the month they want to skip payment. The mailer will explain what happens when they skip a payment, fees, etc. Are there any marketing/compliance issues we need to consider?
Free Cell Phone - IRS Reporting
12/17/2007
We would like to offer a free cell phone and phone service for one year (including Internet access) to commercial customers who open a commercial checking account and sign up for online banking. Is the value of the phone and the service reportable to the IRS?
Mixed Advertisements
12/17/2007
Marketing has previously included this ad in the yellow pages and wants to use the same ad going forward:Anytown BankYour Full-Service Financial CenterBanking * Trust * Insurance * BrokerageMain office 555-555-5555Toll Free 800-555-5555Based on the new rules effective in November, is this ad acceptable in its current form since this ad is in a "directory," or does it need the Member FDIC and NOT NOT MAY, plus segregation, etc? Is this type of ad possible in the newspaper with the new requirements? Our bank is wanting to promote the bank as a one stop shop for all your financial needs.