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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Handling Reg E claims on older transactions.

07/25/2021

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Compliance Info on Paper Checks

07/25/2021

I was wondering if you could point me in the right direction as to where to find more information on compliance for paper checks? Whenever I place a stop payment on a paper check, there's a disclosure that says "this request will expire in 6 months in order to comply with regulatory requirements." For the customers who ask for a more in-depth answer, what can I tell them?

Reg E Fraud- EFT Claim for Cash App

07/25/2021

During a review of the account, we noticed several transactions to Cash App, to the same people from last December and one in January. These were NOT disputed. Should we inquire about these transactions? If so, could we start our calculation from the statement date (plus 60 days) from the statement with the first unauthorized transaction? Does it make a difference that the December, the May and June transactions were on different cards? (The customer has had multiple cards.)

ACH Return for Unauthorized Debit

07/25/2021

Can a customer initiate an ACH Return for unauthorized debit from a closed bank account?

Reg E Telephone Transfers/Transactions

07/25/2021

I have a question about telephone transfers. The telephone transfers we perform are for the customer who calls the bank and requests the teller to withdraw from one account and transfer funds to another account. We currently have a custom form that a customer signs to perform ongoing telephone transfers and we keep this on file authorizing the bank to perform these transactions. We would like to discontinue using this form. Is this old form necessary and is it even a compliance requirement under Electronic Fund Transfer Act? We currently document on the transaction ticket "Telephone Transfer per Customer request". Any advice or information would be greatly appreciated.

Latest Compliance - FDIC Insurance Topics

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