Most Popular Compliance Content
Monthly Bank Statements for Commercial Customers
01/23/2022
What is the requirement on sending monthly bank statements to commercial customers? Isn't there something in Reg E that requires customers to receive statements monthly because if there are electronic transactions that are fraudulent, they only have so much time to dispute them? So many of our transactions are electronic these days but we have a customer who wants to see their activity only quarterly. I feel that is too long to wait. I'm looking for proof that this is a banking requirement to send customers statements.
Mastercard Zero Liability for Debit Card Dispute
01/23/2022
I have a business customer with a business Mastercard debit card. They are disputing 100 plus fraudulent charges on their debit card with an online gambling website. When they came into the bank, they told the teller that they don't check their statements and only noticed the charges because one of their other debit cards was declined due to insufficient funds. I know this doesn't fall under Reg E, but what is the bank's liability in all of this? Does the Mastercard zero liability come into play?
Deposit Agreements that Enhance Reg E
01/16/2022
We had a problem with debit card claims so we modified our deposit agreement. If they don’t cooperate in the claim process, we can deny it. Do you think this solves the problem?
Next-Day Availability for Checks (State)
01/16/2022
In regards to Next-Day Availability for checks drawn by a state or a unit of general local government, it's not clear to me exactly what type of checks these are. Is a check, lets say, drawn out of "ABC Bank" for "Far Out County Delinquent Tax Account" (a local county) with an out-of-state P.O. Box address listed on the check considered a check drawn by a unit of general local government, therefore, Next-Day Availability applies?
Tracking Trailing Documents
01/16/2022
How do banks track trailing documents?