Revisions to banking deposit policies could affect the direct deposit of your BBNC and village corporation distributions and dividends and those of minor children whom you are custodian for. Please check with your bank as not every bank has the same policies. Here are some things to be aware of:
- Entire account numbers are needed for deposit to checking accounts. Check with your bank for your full account number; Credit Unions tend to have 13 digits, while other banks may have 8-10 digits.
- The savings/member number is needed for the deposit into a savings account.
- Entire routing numbers are required for deposit into a checking or savings account. Valid bank routing numbers must be 9 digits and begin with the number 0, 1, 2, or 3.
- Some banks require the minor’s name on the account. The custodian would need to provide supporting documentation of the minor. If a minor child’s name is not on the account the deposit will be rejected.
- Some banks require the custodian and minor to have the same last name in order for deposits to go through.
If you have minor child(ren)’s dividends set up with direct deposit, be sure to update BBNC with any changes to ensure BBNC or village corporation dividends are deposited. Incorrect account information or instructions may cause your bank to reject direct deposit transmissions made on your behalf, which will delay your distribution or dividend reaching you.
Orders to Withhold Payments
BBNC is required to comply with any withholding orders by State of Alaska Child Support Services Division or the Internal Revenue Service. Once an order is received, BBNC will withhold a percentage or all of a shareholder’s dividend based on the requirements of the order. The order will remain in effect until a notice of termination of withholding is received from CSSD or IRS.