May the trustees administrator be responsible for opening bank accounts on-line or through the computer system?
The trustee must exercise extreme caution here. The trustee is responsible to ensure that only valid estate accounts are opened. Ideally, only the trustee would open estate bank accounts. At most, only one person other than the trustee should have the password necessary to open an account via the chapter 7 computer system. The bank should periodically confirm that the trustee has approved new accounts. Internal Controls 32) Under Handling Currency on page 9-12, the trustee is advised that when currency payments cannot be avoided and it is not possible to immediately deposit the funds, the currency should be converted to a cashier’s check or money order and kept in a secure location until deposited. How should the trustee pay for the service charges incurred to secure the cashier’s check or money order? The trustee should first try to obtain the cashier’s check or money order free of charge. If this is not possible, the service charge may be deducted from the funds received, with the ca
