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Documents
Account Close Out!
It can be ANYTHING
100

Required Documents to establish and authorized party on a Single Name CMA.

DC, 88, LOT/SEA, SAS Review

100

What are the close out fees for IRAs that can be used for charge offs? 

MAC IRA - $75

MESD - $49.95

100

What does DTP stand for? 

Documents to Processor

200

Two Merrill forms needed alongside the OPOA before requesting a OPOA review. 

Bonus points for the third document required.

849 (Affidavit for Non-Merrill OPOA)

Agent Profile


Doctor's letter attesting to the client's incapacitation.

200

What are the dollar limits for charity charge offs?

IRA - 1$

CMA - 15$

200

What is the dollar value limit for check issuance on a BVR?

$250,000

300
IRA with a deceased owner. The client had an address listed in MA in KDI and still owns a home there but has lived in Egypt for the last 4 years.

There is 1 beneficiary on file and they want to transfer to an inherited IRA.

What documents are needed to process?

DC w.COD, 1402, 2351

300
how do you process a stop pay and check re-issue for both a CMA and IRA? 

CMA is completed through SRP

IRA is completed through the SP so that an HFA can be completed if needed.

300

What continent covers all 4 hemispheres on the planet? 

Africa

400

There are 2 positions in a deceased account that are showing as no value in holdings detail. What form is needed to remove them from the account?

Withdrawal Request of Unpriced Security Form

400

There is $14 left in a WCMA account and all account holders have passed away. What is the fastest way to close out the account? 

There are no charge off allowances on WCMA (or 529s) - we will need to go through the entire reprofile process to address the balance in the account.

400

How many colours are in a rainbow?

7

500

On a MEAC 529 account, both the student and the participant pass away at the same time. There are no listed successors. What documents are needed to establish an authorized party?

DC x2, 88 for Student, LOT/SEA for Student, SAS Review

500

There is notation in CMC that a CDD refresh started on 1/15/2020 with 3 attempts to contact the client. The client passed away on 2/18/2020. There was a close out check issued on 2/2/2020 as a force close out. There was a stop pay and re-issue on the check on 7/19/2025.

The child of the deceased calls in and provides a copy of the DC. What are your next steps?

Let them know that the check was issued prior to passing and we will not be able to payout to him as beneficiary. That they will need to work with their bank on how to endorse and deposit the outstanding check.

500

There is a MEAC Testamentary Trust and a TTEE has passed away. What documents are required to transition the account?

DC, TCF, CRA, ACCOUNT REPROFILE, NAO CASE FOR ACCOUNT UPDATE.