Most Popular Compliance Content
Funds Availability Notice Requirements: Cutoff Hour
02/05/2001
For the Funds Availability NoticeDo you have to state a cutoff hour on the notice? As of today, we have a general notice stating "next day", "second day" for certain types of transactions.
Stop Payment Requests by Email
02/05/2001
I am chairman of our Compliance Committee and a question was raised by our deposit area. Our deposit area accepts stop payment requests via e-mail and through our PC Banking package. Their question is whether this constitutes a signature within the 14 days established by UCC 4-403 or is it a verbal arrangement that requires a signature. My response was that a signature would still be required within the 14 days on any stop payment accepted by these methods. Would you concur?
Requiring Deposit Account Numbers on Checks
02/05/2001
I have heard that requiring a customer to write their account number on the back of a check that they are depositing to their acct may be in violation of RTFP because the check will end up in the statement of the individual who issued the check. Can you please shed light on this issue. This practice has been our standard policy for years.
Current Scams
02/05/2001
What types of new scams are you seeing these days? Any we should be on the lookout for?
MMDA Transfers for Business Accounts Limit Raised?
02/05/2001
What is the progress of the proposal to change the limit of MMDA transfers for business accounts to 24 per month?