Most Popular Compliance Content
Which Address on Flood Policy
03/17/2024
Can the legal address be used on flood policy instead of the physical address? This issue has come up where the insurance company is refusing to change the address. We asked if we could use the legal address instead.
Next Day - Same Day Availability
03/10/2024
We were recently audited and it was noted that because a customer can immediately withdraw funds from a deposit made that same day, that we should be disclosing as a same day availability bank. instead of next day availability. What is your opinion and how do you recommend wording the change on policy, notices, and disclosures? It seems most examples I find are all next day examples.
Lease or Sale of Equipment to Merchants
03/10/2024
What is the difference between renting, leasing, or selling equipment to customers for Merchant Capture (remote deposit devices)? Are there any rules/regulations related to leasing or renting this?
Address Changes on New Accounts
03/03/2024
We continue to have issues collecting customers current physical addresses when opening new accounts. Our frontline thinks they find loopholes in our policy, deviating from the intent of the policy, and they create larger problems. Is it permissible to have a policy or procedure in place for changing the address on a new account for a new customer within 30 days of the date opened? Say if a customer opens an account on the 10th and then comes in on 21st to change their address, do other banks have a policy to collect a proof of address at this time since it is a new account?
Resubmit Check Returned as "Frozen"
03/03/2024
Can a check that was returned as FROZEN ACCOUNT be redeposited?