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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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Reg E Question About Credit Card Fraud

10/25/2020

When a cardholder has a fraud alert on their card and they tell the fraud center that the transactions are NOT fraud, the fraud center reopens the card. Now the customer has roughly 10 or more charges from the same company that she just said were not fraud. Now she is claiming that they are all fraud. (including the original charges) What do we do?

Chamber of Commerce Cash & Prize Giveaway

10/25/2020

Our Chamber of Commerce is hosting a cash & prize giveaway to encourage people to shop local during the holidays. As a member of the Chamber of Commerce, the bank has been asked to pass out tickets as entries to win. Each business has a limited number of tickets. Employees of the bank are not allowed to obtain any tickets from the bank, but can from other businesses participating. My question is, can we offer multiple tickets as incentives for our customers to use other services we offer? Examples would be: 1) A customer comes in to make a deposit= 1 ticket. If they sign up for online banking while here we will offer an additional ticket. 2) A non customer comes in to cash a check= 1 ticket. If they open an account with us we will offer additional tickets. 3) A customer asks about a home loan= 1 ticket. If they qualify, they can earn additional tickets. If they decide to finance with us more tickets.

How to Complete a CTR for Local Diocese

10/18/2020

A question came up during a recent audit in regards to how a CTR would be completed for a local Diocese. This particular Diocese has a few different churches using the same EIN. Our system recognizes large currency transactions that we compare to see if a CTR was completed. My question is, would a CTR be filed on that specific church when deposits of cash are over $10k, or on the Diocese?

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