Can a business be listed as a Pay on Death beneficiary on a personal account? Along the same line, can a trust be listed?
In the August 30, 2020, Weekly Banker Briefing there was a question regarding receiving scanned driver's licenses when customers open accounts online. The last sentence of the response said the financial institution must delete the copy or image after use. I don't see that in section 213 of the Economic Growth, Regulatory Relief and Consumer Protection Act. Where can I find information regarding the requirement to delete the image?
How do you know when to use a regular children's savings or to use the TX UTMA type of account?
Would it be considered co-mingling of funds if a customer is making business related purchases on the personal account?
Our private banking area is requesting to add two higher balance tiers on an investment savings account. There is no regulation or rule that would hinder this correct? The only thing I can see is if we are not offering this to other bank customers, but only to these high end customers.
We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.
Will there be future Reg CC inflation adjustments? How often?
Is a checking account for an estate allowed to have an electronic draft debited from the account?
What is the proper identification for cashing checks or making deposits?
For account opening, my bank requires a separate application, signature card, and Uniform Single-Party or Multi-Party Account Selection Notice. Is there a regulation/law/code that requires all of these to match?
While auditing, I noticed POD selection and information missing from an application; however, the beneficiary has been named [properly] on the selection notice. Do I need to have the customer complete a new application?