We are signing a merchant services contract with a third party. They have a service where the bank can share transactional data of customer accounts to determine if the commercial account it utilizing another card processor. I was under the impression that we did not have to disclose to our customers if we were only sharing commercial account info. Am I correct on this?
In a webinar I attended earlier this year on Levies it stated, “Levy proceeds must not be reduced by any fee charged by the bank for processing the levy.” Would this rule apply to levies at the state level such as from the State Comptroller office or for Child Support?
If my bank qualifies for, and opts into, the Community Bank Leverage Ratio (CBLR) Framework for our March 31, 2020, Call Report, can we opt OUT of the Framework at a later date?
Can we do an internal raffle (selling tickets for a chance to win a prize) to benefit a non-profit organization?
We are trying to develop a Refer-a-friend program. We will offer a $50 bonus" for referring customer and a $50 bonus for the referred customer once the account is opened with direct deposit and they use a debit card a predetermined number of times in 60 days. We have a third party company that tracks referrals and bonuses which is trying to tell me I don't have to 1099 anyone because we're not paying the bonus at account opening - we're paying the bonus for meeting the qualifications of the program. Is a 1099 required for a $50 refer-a-friend bonus?