Most Popular Compliance Content
Most Difficult Steps in Reg E Error Dispute Process
01/19/2020
What are the most difficult steps in the Reg E error dispute process?
Lease Agreement Mistakes.
01/19/2020
Do your lease agreements have alterations, white-out changes or typed mistakes?
Gift Card for Participating in Online Survey
01/12/2020
Can a financial institution offer a current customer a gift card if they participate in an online survey that is sent to their email that we have on file? We are not soliciting a product, just wanting their opinion on our services.
NACHA Settlement Date Rules
01/12/2020
The bank received an ACH debit entry on October 11, 2019 with a settlement date of October 15, 2019. Monday was a holiday so Saturday, October 12, was a non-processing day on Tuesday's business day. The transaction was memo-posted and the funds were deducted from the customer’s “available balance” on the morning of October 12, 2019. However, it didn't hard post the account until the end of Tuesday's business day. An external auditor cited us for this by mentioning that the memo post was prior the settlement date of October 15, 2019, and it is prohibited by the rules. When I contacted Fiserv, they mentioned that there was no way around this. Is this really a violation of NACHA Settlement Date rules? If so, any advice on how to avoid this from happening in the future?
SEP versus SIMPLE—who makes the contributions?
01/12/2020
Can an employee contribute to a SEP IRA?