In branch transfers
1. What is the difference between a like ownership transfer and an unlike ownership transfer?
2. And how do you process each respectively?
Like ownership can be processed using the transfer button in Teller
Unlike ownership can be processed by obtaining approval through the transfer form and then preforming a misc. debit and credit
True or false: The POD Beneficiary can initiate a transfer while the account owner is still alive.
False
Kent Kent the subway man!!! comes in with a check written out to KTS Hospitality. He is requesting to cash the check. Can you cash it for him?
No
You would need to deposit the check into his business account and then withdraw the funds for Kent Kent the subway man!!!
Doodlebob Squarepants calls in to make a $5,000 transfer from his personal checking account to his wife's, Sandra, personal checking account.
What transfer can be preformed?
You can obtain approval through the transfer form and do an unlike ownership transfer
What is the difference between the following business account ownership types:
Individual with control
Beneficial owner
Authorized Signer
Which one of these can make a withdrawal from the account?
Individual with control: 1 individual that has significant responsibility of managing the business
Beneficial owner: owns 25% or more of the business
Authorized signer: Not an owner or the ind w ctrl but is still a signer of the account
All of these ownerships can transact on the account
A customer comes in with a business debit card, with both their name and the business name on the card. They are requesting to make a $500 withdrawal. However when you pull up the account attached to the DC in concierge, they are not listed under the account ownership. How would you proceed?
Decline to complete a formal withdrawal but offer them to withdraw the funds from the ATM
Darla calls in requesting to transfer $2000 from her Sole Proprietorship Business checking account to her personal checking account. What type of transfer do you process?
Like ownership transfer
Only Single Member LLC accounts and Sole Props are eligible for a like ownership transfer between business and personal accounts.
What is important to keep in mind when working with a customer who is a beneficiary on an account
You may NOT disclose account details to the account beneficiary or that they are named the beneficiary of the account - that is for the account owner to disclose
Wendy Whaleiams comes in with a $456,789 check written out to "Wendy Whaleiams Living Trust" that she is requesting to be deposited into her checking account. You pull her up and the only account she has with us is her joint personal account with her husband Bruno Mars. What do you do?
Decline to deposit it into her joint personal account and offer to set her up with a banker to open a trust account.
John Cena is the rep payee for his son's, Michael Jackson, account. John came in to deposit a $100 check written out to Michael that he received this from his grandma for Christmas! WooHoo!!! Then John would like to transfer the $100 from Michael's rep payee account to his personal account because they are going to go get father son ice cream. Are you able to honor John Cena's request?
No. You cannot process the deposit or transfer.
Only checks from the social security administration can be deposited into a rep payee account.
If John still wanted to complete the transfer - make a withdrawal from Michael's account, have John sign for it, and then deposit it into John's personal account.
Miley Cyrus comes in to transfer $678.42 from her business account, Cyrus' Wrecking Balls Inc., to her personal checking account. However, you notice that Miley is listed as the Bene Owner NS. What type of transaction do you preform for Miley?
Though Miley Cyrus is a beneficial owner of the company - she is listed as a beneficial owner non signer and cannot authorize a transfer on the account.
Gina claims to be the beneficiary of her mom's, Sharon, account. Gina informs you that her mom passed 2 weeks ago and she needs to withdraw $600 to go to the casino. When you pull up the account, you see that Gina is in fact listed as a beneficiary and there is a remark on the account that Sharon is deceased per SSA. However, the account is still active in Sharon's name as the individual account owner. Can you process the withdrawal for Gina?
No.
Gina needs to present Sharon's death certificate for the funds to be disbursed to her. Gina cannot just make a withdrawal from the account even though she is the beneficiary.