Vendor Guru Q&A - Compliance

Latest Compliance - FDIC Insurance Topics

Ownership Category for Inherited IRA (FDIC)

02/02/2020

We have an IRA beneficiary who has inherited an IRA. She is a non-spouse beneficiary of the original IRA, and has named her spouse and daughter as beneficiaries of her inherited IRA (payout account). When calculating FDIC insurance, what ownership category applies to this inherited IRA, is it considered a "certain retirement account" or a revocable trust account?

Trust Owner Acct- Covered More by FDIC Insurance?

05/12/2019

If an account owner is a Trust, is it covered more by the FDIC insurance?

Need the Words "Member FDIC" on Google ad?

04/07/2019

Do we need the words "Member FDIC" on our Google ad? When you click on the ad it takes the person to our site that does have the appropriate language. I notice that no other banks have this.

Signature Card Compliance (FDIC)

03/24/2019

We need more information about compliance when it comes to signature cards. We use add and remove forms for account owners, signers, and beneficiaries when the owner wants to make changes after opening their account rather than printing a whole new signature card that all account owners would have to re-sign. Are these compliant with FDIC requirements when it comes to distinguishing what type of insurance coverage they would have?

Member FDIC Required On Overdraft Notices

08/23/2015

Are we required to put Member FDIC on overdraft notices, notice of returned deposit item, etc.? We typically use it as much as possible but in this case like to remove it so that I can use the same notice paper for a non-FDIC insured item - safe deposit boxes and their payment notices.

FDIC and Equal Housing Lender Information Relative to Advertising OREO Property

07/12/2015

If we are listing OREO property for sale in the newspaper, must we include the FDIC or Equal Housing Lender information?

FDIC Insurance for Revocable Trust

06/10/2013

FDIC insurance-husband has set up a revocable trust, he and his wife are co-ttee (co-trustees) and son is succ/ttee (successor trustee). How much is this account insured for? The wife has similar trust with names reversed and same son as suc/ttee?

FDIC Insurance Apply to Cyber Crime Loss of Funds?

05/06/2013

I had a customer ask if FDIC insurance coverage would apply to Cyber Crime loss of funds. Thoughts?

FDIC Apply to Beneficiaries for CD Account?

03/11/2013

For a CD account with two owners and three beneficiaries, would FDIC insurance apply only to the co-owners? Or would the FDIC insurance also apply to the beneficiaries as it does in a revocable trust?

Time Limit on Distributing Money for POD

01/28/2013

We have a customer who is POD on her fathers account, but she is telling us that she does not want the money. Is there a time limit on how long a POD account can sit out there even if we have contact with the POD? What recourse does the bank have on distributing the money to the appropriate POD? I know that FDIC insurance lapses 6 months after the death of the owner.

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New Escrow on Existing Loan

10/17/2021

We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?

Military Identification Card

10/17/2021

If a customer presents a military identification card and has no other form of ID, it is my understanding is you cannot make a copy of Military ID's. What other forms can be used? This person does not drive and has no transportation to get to the DMV. He does have an expired TX DL but that is all.

Risks for Online Account Opening (CIP)

10/17/2021

How are smaller banks, say in the $200M asset size, managing compliance risk when diving into online account opening? I'm very concerned about CIP-CDD-EDD. I cannot fathom never obtaining a wet signature or seeing a check prior to accepting a deposit. Also, asking the CDD-EDD questions online is completely different than in person regarding getting a feel for the customer. Do most banks also open new accounts online for businesses, trusts, estates, etc? Is there a vetted software company that is preferred for this endeavor?

List of Board Policies (Regs/Acts)

10/17/2021

I was wondering if there is a list of board policies that financial institutions are required to have (regulation/acts) along with how often they should be reviewed by the board?

New Escrow on Existing Loan

10/17/2021

We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?

Latest Compliance - FDIC Insurance Topics

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