In regards to Reg E, we know that we cannot make a customer fill out a police report to dispute a charge to receive provisional credit, however during the course of the investigation if there is true counterfeit card fraud can we then ask the customer to file the report in order for the bank to receive restitution in the event the fraudster is caught?
Is there a better way to ensure we are opening accounts that will not be a future liability?
I’m satisfied with our current system. Why should I switch the way we verify customers?
We had an insurance check deposited in April made payable to two account holders AND the title company. In May, the Insurance company bank asked via fax for a return of the funds due to improper endorsement. We requested that the bank return the check so that we could release funds to them through our clearing company but they are insisting that they can't and want us to send a check directly to them. It has been a few months and we are in a deadlock while the member's funds remain on hold.
Is there a succinct guide as to the return time frames from a client's perspective for the various types of check fraud against them?
We have a few customers that have had fraudulent checks written against their accounts. This started in January and it is now late July. Are we required to give immediate credit for those checks?
If our customer's computer is compromised due to their lack of security, and external transfers are fraudulently made from the customer's account to another financial institution, according to our customer, does Regulation E apply to these transactions? We contacted the RDFI and requested the funds be returned using R06, but the funds were already gone.
We have an account that has been closed for several years due to the account being compromised. We recently have had some checks come through our cash letter and want to know the best reason to provide for returning them. I don't want to return them as forgeries because I do not have an affidavit signed by the customer. Is there a reason of "account closed at customer's request due to forgery"? Our processor says they can not use this reason.
Can you open a new account under a Limited Partnership with 2 DBAs under it?
A person applies for a credit card at an issuing bank and the application is declined due to a fraud flag (Iocation IP address, prior fraud address, prior fraud phone number, etc) and the credit line that would have been assigned to the credit card account would have been $5,100. Would a SAR need to be written in this case due to the fact that there is a possible suspect with a possible usage of over $5,000?
A person applies for a credit card and it turns out to be a fraudulent application with a credit line of $5,100. No transactions take place on the card and the account is closed. Would a SAR need to be written in this case due to the fact that there is a possible suspect with a possible usage of over $5,000?