Bank Accounts

News & Analysis as of

New York AG Obtains Agreement From Bank To Alter Customer Account Screening

On June 16, New York Attorney General (AG) Eric Schneiderman announced that a national bank agreed to adopt new policies governing its use of a credit bureau that screens individuals seeking to open checking or savings...more

Latest Cyprus decrees relaxing restrictive measures in banking

The Republic of Cyprus issued new decrees on 2 June 2014 which provide further relaxation of restrictive measures, including abolishing restrictions on the opening of new bank accounts. ...more

Overview of the Six Most Important Changes to the Russian Pledge Rules

1. Concept of a security trustee (security manager). Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security...more

Court Rules U.S. Banks Must Disclose Nonresident Bank Account Information

As a result of a court decision last week, issued by the District Court in the District of Columbia U.S banks will be required to report interest earned on accounts held be non-resident aliens if the interest earned is $10.00...more

Crackdown on US Tax Evaders With Secret Offshore Accounts Leads to International Banking Reforms

Miriam Fisher, global Co-chair of the firm's Tax Controversy Practice, focuses her practice on federal tax controversy and litigation, including complex civil and criminal tax matters. Fisher spoke at the November 6, 2013...more

Be Aware of the Dangers of Joint Accounts

Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones. But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly....more

Voluntary Disclosures Lead to John Doe Summonses for Information about U.S. Accounts at Zurcher Kantonalbank and Bank of...

In a sign that the U.S. government continues to aggressively seek information on U.S. taxpayers with non-U.S. bank accounts, the government announced on November 12, 2013, that it had obtained a court order authorizing the...more

Second Circuit Remands Dispute Over Arbitration Of Bank Rewards Program Claims

On October 22, the U.S. Court of Appeals for the Second Circuit overturned a district court’s denial of a motion to compel arbitration in a dispute over a deposit account rewards program and instructed the district court on...more

NCRC issues analysis of CFPB bank account complaints

The National Community Reinvestment Council (NCRC) has issued an analysis by zip code of consumer complaints received by the CFPB about bank accounts. The analysis used complaint data in the CFPB’s publicly available database...more

Ready or Not: Lost Securityholders, Uncashed Checks and Dormant Accounts

In the dog days of August, it would be tempting to put aside challenges created by new Securities and Exchange Commission (SEC) rules. But we all know that would be a mistake. Instead, attention needs to be paid now to new...more

Revised Timeline for Implementing FATCA

Sections 1471 through 1474 of the U.S. Internal Revenue Code (“FATCA”) generally impose a 30% withholding tax on certain payments to a foreign financial institution (“FFI”) unless the FFI has entered into an agreement with...more

New decrees from Cyprus

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more

Eleventh Circuit Holds Bank Accounts Containing Commingled Criminal, Non-Criminal Funds Are Not Subject To Forfeiture As...

On June 12, the U.S. Court of Appeals for the Eleventh Circuit held that bank accounts in which funds traceable to the defendant’s criminal activity were commingled with funds unrelated to such activity were not subject to...more

Short Wins - Forced Medication And Discovery Issues Edition

There's a great diversity of cases where defendants won in the federal circuit's last week....more

Update: Banks Must Protect Depositors' Social Security and Other Federal Benefits from Garnishments - Treasury Issues Final Rule

The U.S. Treasury and four other federal agencies jointly issued their final rule1requiring depository institutions to protect up to two months’ worth of their depositors’ direct deposits of Social Security and certain other...more

How a Facebook Page Could Empty Your – And Your Business’ – Bank Account

Malware capable of stealing your banking credentials is being spread via links posted on Facebook pages. The New York Times reports an uptick in malicious links on popular and seemingly harmless Facebook pages such as NFL fan...more

Latest updates from Harneys Cyprus

The Republic of Cyprus continues to issue decrees pertaining to the relaxation of restrictive measures....more

Litigating Accounts With Rights of Survivorship in Texas

In this article: - I. Introduction - II. Valid Survivorship Accounts - III. Joint Accounts Between Spouses - IV. Burden Of Proving Enforcable Survivorship Accounts - V. Proving Contents Of...more

Latest Update on Cyprus Decrees - June 2013

The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures....more

Banking Agencies Delay Certain Changes To Call Reports

On May 23, the OCC, the FDIC, and the Federal Reserve Board published a notice to delay certain proposed changes to Call Report data collection pending further consideration of whether and how to proceed with the changes....more

FDIC Insurance: Are Your Accounts Fully Covered?

When a client walks into a bank he or she is bombarded with signs indicating that the funds deposited in the bank are insured by the FDIC. Even if the client does not fully comprehend what that means, the signs offer the...more

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