The terms and conditions of our gift cards are inside the envelope with the card. Is this sufficient?
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?
OFAC check for "payer/issuer" of checks deposited by our customers? Do we have to screen against OFAC SDN list?
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?
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?
Are gift cards still not considered monetary instruments? Is this something that is coming in the future?
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?
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?
- 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