Wells Fargo to Close 450 Branches: As such, if you need a place to obtain a green medallion signature guarantee – try online instead of a branch – www.eSignatureGuarantee.com

Wells Fargo to Close 450 Branches

To improve efficiency, the nation’s third biggest bank by assets will prune its expansive branch network.

John Maxfield

(JohnMaxfield37)

Jul 18, 2017 at 9:11AM

Wells Fargo (NYSE:WFC) has long been known among analysts and commentators as one of the nation’s most efficient banks. As a result, when its efficiency started to slip recently, the bank responded by announcing initiatives to cut annual expenses by $4 billion by the end of 2019.

Continue reading “Wells Fargo to Close 450 Branches: As such, if you need a place to obtain a green medallion signature guarantee – try online instead of a branch – www.eSignatureGuarantee.com”

What You Should Know About Creating A Last Will & Testament

Jodi B. Zimmerman, Esq.

 

Jodi B. Zimmerman, Esq.

Sichenzia Ross Ference Kesner LLP

Email: jzimmerman@srfkllp.com

What You Should Know About Creating A Last Will & Testament

First: Why You Need A Will and What happens If You Die Without A Will?

⇒  It’s important to have a Will so that your family/friends/business associates don’t spend the next decade fighting, in court and possibly in person…with fists.

  • This can get even uglier if you have young kids, or lots of money and property, or both.

⇒  If you die without a Will, in most instances, your property will be distributed among your closest surviving relatives, including assets and custody over minor children. (“succession laws.”)

⇒  Your estate will still have to go through the probate process (but called Administration), and “intestacy laws” kick in to determine who gets what.

⇒   A few examples of New York intestacy laws:

  • If you are survived by

            o your spouse only = everything you own will go to your spouse.

            o your spouse and one or more children = your spouse will receive $50,000 and ½ the rest of your estate, your remaining estate will be given to your children by representation. No consideration is given to special circumstances (i.e. infirm child).

 

Second: Decisions You Have To Make

Continue reading “What You Should Know About Creating A Last Will & Testament”

Last Will & Testament vs. Revocable Living Trusts; How Do You Choose?

Jodi B. Zimmerman, Esq.

 

 

Jodi B. Zimmerman, Esq.

Sichenzia Ross Ference Kesner LLP

 

There are three basic ways for your assets to be transferred on your death:

  1. The Last Will & Testament which is the common method;
  2. The Revocable Trust (also referred to as a “living trust”) which offers some advantages over a Will; and
  3. Beneficiary designations, for assets such as life insurance and IRAs.

Continue reading “Last Will & Testament vs. Revocable Living Trusts; How Do You Choose?”

A loved one passes away, so what do you do?

Jodi B. Zimmerman, Esq.

 

 

Jodi B. Zimmerman, Esq.

Sichenzia Ross Ference Kesner LLP

 

A loved one passes away, so what do you do?

First you have to find out if the person had a Last Will & Testament, if they did, you will want to check to see who the decedent named as executor because that is the best person to petition the Surrogate’s Court for Letters Testamentary. This process is known as Probate. Continue reading “A loved one passes away, so what do you do?”

Security questions don’t answer digital onboarding challenges

It’s no wonder most product sales continue to happen at the branch.

In an age where you can conjure a car, a bottle of Bulleit whiskey or a date with just a few taps on a smartphone, it is still common for banks to require would-be customers to come into their branches to sign up for products — even if institutions advertise those products digitally.

Although banks expect to move in a digital direction as branch transactions continue to decline, few banks have made signing up for products possible or easy online. To propel digital sales, banks will need to make the process for customers easier — including fewer clicks, less data they have to input themselves and the ability to save work and revisit it later. But behind the scenes, banks and others in financial services are facing a more complicated issue: finding efficient ways to verify that customers are who they say they are.

Increasingly, banks are realizing that customer growth is at stake if they don’t commit to making digital sales easier. According to a research paper published in May by Aite Group, financial institutions said that 21% of the decisions about fraud solutions are now up to the customer experience and marketing departments — marking a change from past years.

“While this may not sound significant, it is important to realize that less than a decade ago, these departments would not have been involved in such decisions,” Shirley Inscoe, a senior analyst with Aite Group, wrote in the report.

 

Chart showing retail banking priorities.

 

Banks are legally required to prove they know their customers, of course. But “know” is a relative word. While someone may show a driver’s license or a passport to open an account in a branch, the identity procedures tend to operate differently online. In fact, banks can court consumers like a game of Jeopardy! online. Institutions are paying data vendors to ask would-be customers questions such as “What street did you live on when you took out an auto loan?” or “In which of the following counties have you owned property?” as one measure to establish trust before someone can open an account. The experience, however, is clunky at its best and error prone at its worst.

Continue reading “Security questions don’t answer digital onboarding challenges”