Positive Pay
We will not be charging per service, only per ________.
Account
What are the three types of positive pay features we have for business online customers?
1. Checks
2. ACH credits
3. ACH debits
Who is a designated beneficiary?
Any individual designated as a beneficiary by the IRA owner.
True or False: Beneficiaries must pay taxes at the point of inheritance.
False.
However, beneficiaries are subject to required minimum distributions which are taxable.
How much does positive pay cost for each account per month?
$19.95
If a customer has Check Positive Pay, an alert will come up for teller override when a check from the account is presented. You will use the same Check processing procedures as before, plus this step. You will pull up the ___________. Input the account and check number and click search. Information our customers have put into their system will generate.
Teller Look Up Tool
IRA owner's surviving spouse, IRA owner's minor child, disabled individual, chronically ill individual, individual who is not more than 10 years younger than the IRA owner, and certain qualifying trusts are examples of what kind of beneficiaries?
Eligible Designated Beneficiaries
True or False: If you have a Roth IRA, you are required to make minimum distributions once you reach age 73.
False
You are not required to make minimum distributions during your lifetime.
If a business customer has fraud on their account, and decides to keep the account open, what document must they sign?
Acknowledgement and Declination of Positive Pay Service
Designed to prevent fraudulent ACH transactions, _____________ allows businesses to set filters or parameters for Automated Clearing House (ACH) transactions. These filters can include approved payee lists, transaction amount limits, and specific types of transactions. Any ACH debit or credit that does not match the established criteria is flagged for review.
ACH Positive Pay
Who is a successor beneficiary?
Beneficiary who receives any of IRA owner's assets that remain after their death and the subsequent death of any beneficiaries.
A _____ is a method by which an IRA owner can redesignate from a traditional IRA to a Roth IRA, or vice versa.
Recharacterization
This basic form of Positive Pay service matches the check number, dollar amount, and account number of each check presented against a list provided by the business. It ensures that only checks with matching details are processed.
Standard Positive Pay
An enhancement to the standard service, ___________ includes the verification of the payee’s name against a pre-approved list provided by the account holder. This additional layer of protection helps prevent altered or washed checks from being cashed.
Payee Positive Pay
Who is not a designated beneficiary? Name all three.
1. Estate
2. Charitable organization
3. Non-qualified trust
Conversation to a Roth IRA, IRS Levy, and distributions based on an election to receive substantially equal periodic payments for the greater of a five-year period or until you attain age 59 1/2 are examples of what kind of distribution?
Early - exception applies
In this approach, the business takes on the responsibility of monitoring its own checks. The business reviews checks presented for payment and alerts the bank to decline any unauthorized checks. This method requires a more hands-on approach but offers greater control over the verification process.
Reverse Positive Pay
Business online customers will have a link they will click once logged into their online banking. It will be called ________________.
Fraud Prevention HQ
If you contribute more to your IRA than you are eligible to contribute, you have created an excess contribution, which is subject to ______. This applies each year that the excess contribution remains in your IRA.
6% excise tax
Early (younger than age 59 1/2) - no known exception Give three examples.
Higher education expense, first time home purchase, medical expense, health insurance premium, qualified birth or adoption, certified terminal illness, disaster recover, and reservist distribution.