We have a credit transaction that came in today on a closed debit card. This card has been closed for so long that it is not on our system any longer. This was presented as a "force post" transaction and did not go thru the authorization channel. Can we return this transaction even though it is attached to a debit card?
We have an IRA beneficiary who has inherited an IRA. She is a non-spouse beneficiary of the original IRA, and has named her spouse and daughter as beneficiaries of her inherited IRA (payout account). When calculating FDIC insurance, what ownership category applies to this inherited IRA, is it considered a "certain retirement account" or a revocable trust account?
I am currently auditing our Stockholder's Ledger. The bank has a computer-generated history of all shareholders, purchases, transfers, etc. They also keep a handwritten ledger of the same information. Is there any reason, requirement to have both?
I started in BSA a few years ago and I built an Enhance Due Diligence program for higher risk customers with monthly transaction review and then yearly comprehensive review of the business and its expected vs actual activity. At the time I found a really clear outline of expectations in the BSA Manual and now I can't find anything related to EDD at a all. Did this get removed? Anyone else experiencing this?
What is the record retention of vault open/close logs?