Business Accounts
If a business does not have a beneficial owner, will it have a controlling individual?
What is yes? There will ALWAYS be a controlling individual.
When cashing in savings bonds, do you have to have the client sign anything?
What is Yes, the client needs to sign the form that prints and scan to Deposit Accounts.
What age do you take a normal distribution?
What is 59 1/2?
Most people are marking the distribution wrong
Are blank Reg E forms valid?
How long can you be missing a signature card before you need to close the account?
What is 7 days?
If the account is 2 signatures required, would it be noted on the resolution or just the signature card?
What is both? There is a section on the signature card, and you will mark that on the resolution as well.
Can a Savings Bond be cashed out by a POA?
No.
What is the distribution reason on an Inherited IRA?
What is Death? The distribution reason will always be death because that is reason why they have the IRA.
When would you note an address discrepancy in the due diligence? What would you note?
What is when the address doesn't match the address on ID? What is why the address doesn't match? Example: Clients moved before updating ID.
How long do you have to clear an exception?
What is 30 days?
If the person that holds the SSN for a Sole proprietorship dies, who can take over ownership?
What is no one, the account has to close.
If there are 2 names on the savings bond (does not say AND) which social security number, do you use to cash them?
What is whoever is cashing them in?
What age are clients required to take an RMD?
What is 72 1/2?
Do you have to run efunds on a client who only has a savings account?
What is yes?
If they are not a joint or sole owner on a Demand Deposit Account, you MUST pull efunds.
How long do you have to clear a Patriot Act Violation?
What is 7 days?
Who is required to sign when removing an authorized signer?
All other authorized signers
Is a print out from a schools website considered an acceptable form of ID if it contains a picture of the student, their name, birthdate, and their address?
No
If any, how many signatures are required for RMD?
Two, one from the account owner, one from the banker.
Do you need to complete a new signature card for a name change for each account that person is on?
What is Yes? You must create a new signature card for each account even if there are other joint owners, or even a signer on a business account.
Is there an age requirement to be a primary owner on a CD?
Yes, it's 18
Do all business accounts need to be registered with the state?
No, Sole Proprietorships do not have to be registered, they can use the owners SSN
Can you open a Rep payee account if they do not have the paperwork from the state, just the check that reads "John Smith Rep Payee of Jane Smith"
Yes.
How many forms require signatures, and how many get archived when opening a CD?
What is 1 needs a signature, 2 need archived?
If efunds comes back with a chexsystem freeze, what do you do?
You cannot open the account until the customer lifts the freeze
Can a SSN state "REDACTED" on a Death Certificate in Ohio?
Yes. They do this for fraud purposes if the person is within the first 5 years of death.