Did you Know?
What is the dollar value limit for a check issuance on a BVR?
What are the dollar value limits for a Charity Charge off? CMA & IRA
IRA - Up to $1
CMA - Up to $15
What colour is a polar bear's skin?
Black
What is the name of the US death certificate for an individual who died abroad?
US Consulate report of Death of a US Citizen living Abroad
What are the close out fees for CMAs and IRAs?
CMA - no close out fee
IRA MAC - $75
IRA MESD - $49.95
What does the Acronym WCMA stand for?
Working Capital Management Account
What is the timeframe for international probate to be reviewed?
12 - 16 weeks
Where can I find the close out date of an IRA?
IKA /F
Finder will show that status of closed but not the date
There is a trust account with 2 listed TTEE and grantors. One of them passes away. The son (non-TTEE) calls in and states that the other TTEE is incapacitated and they are the OPOA. What is required to establish OPOA?
We do not accept OPOA for a fiduciary position. They need a doctors note to remove them from the position of TTEE and file a new TCF with the successor TTEE
What year did the inherited IRA distribution rules and regualtions change?
2020
A BVR was completed 19 months ago for a check issuance to the beneficiary via SEA on an Single Name CMA. There was a residual of 1,400 that came into the account that wasn't distributed. The old DWT is still open and active. How do we process the residual?
NSG --> RCX --> Save Recording --> Re-enter after confirming address with the bene and submit.
No new recording is required.
What is a group of Jellyfish called?
Smack
There is a TOD Account with $500,000 in both cash and holdings. It is also linked to an LMA account at Lynch. What are the steps to process the account and release assets to the TOD bene?
Obtain, DC, 88 and TODLOA to pay to the LMA account. After the outstanding balance is paid, the rest will be returned to the Edge account. Then complete a new TODLOA to payout to the beneficiary directly.
There is a BIA with 2 listed General Partners that hold signing power over the account. One of the partners has passed away. There is $1200 in the account and the surviving partner wants to receive a check for the account. What is required to issue the check?
DC, Page 10 Change form, TM, then living can issue the check for the client and close out
Roughly 1 million pounds