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Latest Compliance - Gift Cards Topics

Gift card disclosures

05/01/2016

The terms and conditions of our gift cards are inside the envelope with the card. Is this sufficient?

Mtg Loans Follow Same Regs as Checking/Gift Card?

09/08/2014

Do mortgage loans follow the same rules/regulations as checking accounts in regards to offering a cash or gift card when an account is opened. For example, could we say Book a mortgage with us before 12/31/14 and receive a $100 Home Depot gift card? Does this violate anything, and if not, what kind of disclosures would have to be paired with such a statement?

Screen Against OFAC SDN List?

11/19/2012

OFAC check for "payer/issuer" of checks deposited by our customers? Do we have to screen against OFAC SDN list?

MIL Record Keeping Incude Prepaid Access Cards?

09/03/2012

Are gift cards (prepaid access cards) considered monetary instruments that need to be recorded on a bank's monetary instrument log? I am aware of 2011 changes related to prepaid access cards and MSBs. Has the requirement for MIL record keeping for banks been expanded to include the sale of prepaid access cards?

Reg E and Overdraft Fees

07/26/2010

An article about Reg E and Overdraft fees in our local newspaper mentioned a change effective August 22, regarding a ban on charging inactivity fees. The article made it sound like this will affect savings and checking accounts. I have not read or heard anything else about this. Can you clear this up for me?

Selling Gift Cards

10/23/2006

If I sell gift cards at my teller window and/or at a merchant’s location, am I required to get new account data such as TIN and driver’s license numbers?

Gift Cards a Monetary Instrument?

10/09/2006

Are gift cards considered a "Monetary Instrument"? For example: A customer purchased $3500 in gift cards with cash. Should we put it on the monetary instrument log?

STATS

04/01/2005

  • Treasury says the $100 bill will be redesigned, but the $1 and $2 bills will not. No decision has been made about the $5 bill.U.S. Treasury, Bureau of Engraving and Printing

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Church/Credit Union: Non-government Organizations?

08/01/2021

We are going back and forth as to whether or not a credit union or a church are actually considered non-government organizations? Although we know that they are non-profit, I have read conflicting information and am trying to settle this internally.

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?

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