Fiduciarys
A person or corporation responsible for holding or controlling property for another is called?
What is a Fiduciary?
One person or entity has complete ownership and control of the property
What is Single Ownership?
For an Individual we must collect full name, date of birth, taxpayer identification number, physical address
What is Customer Information Policy (CIP)?
a government agency that insures deposits so you don't lose money if your bank fails.
What is the FDIC?
Fiduciary appointed by the federal government to handle certain federal benefit payments on behalf of another person.
What is a Representative Payee?
Two or more parties share equal rights in and control of property, with the survivor(s) continuing to hold all such rights on the death of one or more of the tenants
What is Joint Tenancy?
passed in 2001 to improve the abilities of U.S. law enforcement to detect and deter terrorism.
What is the Patriot Act?
Starting to Save and Invest; Peak earning years with an emphasis on savings; savings and income decline with retirement
What are different stages of life for our customers?
A fiduciary with the legal power and duty to manage the property and rights of another person who – because of age, disability, degree of understanding or self control, etc. – is considered incapable of handling their own affairs
What is a Guardian?
corporate structures in the United States where owners are not personally liable for the company's debts or liabilities.
What is an LLC?
A list of individuals, groups, or entities owned, controlled, or acting on behalf of persons involved in terrorism, drug trafficking, and other such activities.
What is OFAC?
Paid on Principal and Accrued Interest (can compound daily, monthly, quarterly or annually).
What is Compounding Interest?
Individuals may want another person to be able to transact business on the account without sharing ownership
a group of persons banded together for a specific purpose.
What is an Association?
A database most banks report to regarding customers who have handled their accounts improperly
What is ChexSystems?
IRS requires we withhold a portion of the interest from a customer due to certain circumstances, such as failing to provide a TIN in the past or underreporting interest or dividend income.
What is Backup Withholding?
The legal representative is designated either by the decedent prior to their death or by the state after death.
What is a Personal Representative?
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
What is a Corporation?
The Deposit Account Contract
What is a Signature Card?
Assigns the powers individuals have on certain business account if they are a signer on the account
What is a Resolution?