We continue to have issues collecting customers current physical addresses when opening new accounts. Our frontline thinks they find loopholes in our policy, deviating from the intent of the policy, and they create larger problems. Is it permissible to have a policy or procedure in place for changing the address on a new account for a new customer within 30 days of the date opened? Say if a customer opens an account on the 10th and then comes in on 21st to change their address, do other banks have a policy to collect a proof of address at this time since it is a new account?
Can a check that was returned as FROZEN ACCOUNT be redeposited?
I have a husband and daughter who have been appointed conservator for his wife (mom). According to the court documents the annual accounting to the court is waived. Can I open the account as joint for the husband and wife showing he and the daughter as conservators?
We need an advice for below situation. 1. Our customer cashed a check for $9,230 from another bank at one of our branches on 11/21/23. 2. On 11/27/23 we received a return for this item as Stop Payment. 3. On 11/28/23 we processed a late claim returned to Fed and received the credit from Fed same day. 4. On 1/19/24 we received a late returned debit from the Fed to deal directly with the other bank. We contacted the other bank as they insisted that it wasn't a late return. How can we resolve this situation and how we can ask other bank to pay us?
I am new to the compliance function so I apologize if this does not make sense. My question addresses Reg DD and a CD interest payment date vs. maturity date. Here is an example: a CD term is 6 months and interest is paid every 30 days. Since there are more/less than 30 days in some months the interest payment date does coincide with the maturity date, so there are generally a few days between these dates. I am unable to find anything in the TISA reg about this. How and when is interest paid in relation to the maturity of the CD?