Most Popular Compliance Content
Returning Checks as "Fraud"
04/02/2023
When a fraudulent check is presented for payment after the account is closed, is it returned as 'fraud'?
Avoid UDAAP in advertising.
04/02/2023
What is your opinion of offering a checking account that offers add-on third party benefits as a feature of the account? Customers are only able to obtain the add-on services if they buy the account and pay the service charge disclosed for this product.
Should All ATM Owner/Operators be Considered High-Risk?
04/02/2023
We have independent ATM owners as customers. Should we classify them as high-risk?
Fraudulent Check Requirements
03/26/2023
We are a bank located in NY. We would like to know if it is required under state (if you know) or federal laws to have a customer sigh a claim form for an unauthorized/forged/altered check? If so, is it required to be notarized? We are aware that NACHA made provisions during the pandemic to allow WSUDs to be taken verbally, however we would like to know if it's necessary for checks and specifically if a Notary is needed as one might not be available in the branch on the day the claim is made.
Returned Check Rules
03/26/2023
I would appreciate direction on where to find in the regulation(s) the requirement for counterfeit checks to be returned within a 24 hour period of payment. We have a client that has had a counterfeit check clear their account and needs proof that it must be returned the next day or it is considered a late return.