We received a letter from another bank with a check for collection. It was returned to them as NSF and they would like us to collect on it. We are wondering if it is 10 business or calendar days that we as the bank needs to look?
Any idea how long we need to retain a "referral authorization" that we have between a collection agency and our customer?
We just acquired a bank and there are two particular accounts on which we requested funds back from this bank through the Fed about a year and a half ago. We were denied due “to untimely request”. The funds are now part of our company and we are wondering if we can just transfer those funds to our recovery GL? I understand that we would have to document every step but how do regulators feel about something like that.
The greatest risk of discrimination is in the credit decision, right?
What is the statute of limitations on collecting monies owed on charged off accounts?