Business Accounts
What are the Four forms needed to open a Business that is set up as an LLC?
Signature Card
Commercial Resolutions
Beneficial Ownership
MA Secretary of State
Daily POS Limit for a Consumer Checking Account
$1707.00
Minimum Amount you can Apply for a Home Equity?
25,000
What is called when you deposit money into an IRA
Contribution
What office/branch is Josef located at?
East Boston Orient Heights
What is the Maximum Number of Beneficial Owners that can be on an account?
4
True or False:
A Trust Must be set up with an EIN Number?
False
A Trust can be set up with a trustee's social security number
After an Application is placed, how many days does the applicant have to get the income verification documents?
30 Days
What is the Federal Tax on an IRA?
What is the State Tax on an IRA?
10%
5%
What is the Maximum amount when can lend up to with a No Document Business Line of Credit?
50,000
What form or forms do you need to fill out to change signers on an LLC?
Signature Card
Commercial Resolution
Beneficial Ownership (If needed)
MA Secretary of State
When setting up a Tenant Deposit Account, the Account Title Must contain One of these Two Phrases in the Title.
Security Deposit
Last Month's Rent
Automatic Payment from a Rockland Account
25,000 automatic disbursement for the first 30 days
If a customer has an IRA, what age can they withdraw without a Penalty for an Early Withdrawal?
59.5
What is the form Required for an application for a Business Loan?
Bonus: Where on RT Connect do you find this
All in One Application
Business Banking, forms
Starting on November 1st, what is the number of transactions that can be processed on a Free Business Checking Account in which are Free?
150
What is the new Minimum Balance for Advantage Checking Starting 11/1/2024
2000
How Long is the Draw Period and the Repayment Period?
Draw Period: 10 Years
Repayment Period: 15 Years
What is the age when an RMD begins?
73
If a Business Customer is looking for a higher balance on a Credit Card, who is the Liaison at Elan you would reach out to?
Rita Baptista
What would be the relationship codes used in Horizon based off the Title below:
ABC INC DBA Main Street Donuts
BUS- ABC INC
DB0- Main Street Donuts
SGN- Signer on Account
If adding a POA to an existing account, What forms need to be filled out (2)
Change of Ownership
POA Authorization
Billy and Tommy own a property together which is their primary residence. Billy comes in to apply for a Home Equity Loan. The Tax Assessed value of the Home is 800,000 and the property has 580,000 remaining on the mortgage. How much equity do they have available to borrow upon?
Bonus: Can they apply for a home Equity?
20,000
No
What are the forms Needed to Open a Traditional IRA? (3)
Traditional IRA application
IRA contribution
Permission to Obtain Consumer Report
If a Business Customer comes in looking to pay his Business Credit Card in person through the Elan Website, what account must you select in order to pay the correct amount due on the credit card?
Accounts Payable