POD
Can payable on death (POD) designations and beneficiaries be changed in the FC without all account owners present?
No
What is the latest time a client can utilize mobile deposits to get next day availability (M-F)
Central cutoff times are 9 p.m. Eastern o Mountain and Pacific cutoff times are 8 p.m. Pacific
How many tiers are there in the Business Preferred Rewards program?
3
When opening a trust, what bank form needs to be completed at account opening to be kept on file in addition to the signature card?
Certificate of Trust
What three steps need to be completed to finish the opening procedure?
Set the all clear signal, review one complete cycle of security footage, openers use their FOB on the alarm keypad to DISARM ALL
Can clients manage beneficiaries in their Online and Mobile Banking?
Yes
What is the cut-off time for same day wires in online and mobile banking?
Domestic and international wires in U.S. dollars, international wires in foreign currency, and internal wires 5 p.m. EST Taxpayments 4 p.m. EST
What are the FX rate discounts for Preferred Business clients?
FX currency order rate discount is NOT a benefit of the preferred rewards for business clients, only personal clients.
Does a successor trustee have online/mobile banking access?
No, only trustees have account access
What information needs to be documented on incoming foreign currency orders?
You must document the receipt date on the packing list.
What information is needed to add a beneficiary to an account
legal name and TIN or legal name, date of birth and address.
How many checks can you deposit via Mobile Banking per month?
Limits for depositing a check using Mobile Banking are based on dollar amounts. There are no limits based on number of items deposited
What are the ways to waive the fee for the Business Advantage Fundamentals Account?
Maintain a $5,000 combined average monthly balance in eligible linked business deposit accounts • Use your Bank of America business debit card to make at least $250 in new net qualified purchases Effective November 1, 2024, the Monthly Fee can be avoided when you use your Bank of America business debit card to make at least $500 in new net qualified purchases • Be a member of Preferred Rewards for Business (first 4 checking accounts, per enrolled business)
What kind of related parties are not allowed for trust accounts?
Payable on Death (POD) Beneficiary, Doing Business As (DBA)
What should you do if the opening team does not set an all clear signal?
DO NOT CALL THE FC, contact SOACC from your vehicle/ or a safe distance away until the all clear signal is set.
What consumer accounts do not allow payable on death (POD) designations and beneficiaries
Safe Deposit
How much can a consumer client transfer with zelle in a 24 hour period?
$3,500
What is the next step you take when a client wants to open a new business account and does not have any legal organizing documents with them?
Access a state approved website to obtain the organizing document and filing information.
What documentation is required when removing a trustee due to a court order?
Original or certified copy of the court order naming the new successor trustees(s)
What do you do if there is evidence of intrusion or other unusual circumstances during the opening search?
Go to your designated assembly area and notify 911 and call SOACC, then contact your FCM and market manager.
What business account types allow payable on death (POD) designations and beneficiaries
How much money can you borrow using Bank Of America Balance Assist?
Up to $500
Are there limits to how much cash I can deposit into my business account?
Without fees, yes. Fundamentals, No fee for the first $7,500 in cash deposited per statement cycle - then $.30 per $100. Relationship, No fee for the first $20,000 in cash deposited per statement cycle - then $.30 per $100
If you open an additional account for an existing trust client and no changes have been made to the trust, do you need to fill out a new certificate of trust?
Yes, even if there are no changes to an existing trust agreement, a new bank Certificate of Trust form is always required to confirm no changes are needed and ensure a form for each trust account is always available
If the phone rings while you (the searcher) are doing the opening procedure, what should you do?
If the Caller ID shows SOACC, or a call is in incoming while an alarm is going off, you may answer if it safe to do so.