Has the escrow calculator been updated and is this available?
A large national retailer is now issuing in-store debit cards, that post transactions to our bank customers account as ACH debits. These are not credit cards - they are debit cards for use only at the designated retailer - swiped and signed just like any other card - only debiting the bank account. Our customer signed up for the card at checkout, provided her banking information, and received a discount for her purchase. One month down the road, she has $900 in debit card purchases that have posted to her account on a card that she says she never received. Can you please describe what would be considered the best practices for a bank in a dispute situation like this? And does the large retailer have a Reg E responsibility here, too? I am particularly thrown here because it is clear that she authorized the ACH debits - but the card purchases were fraudulent. With no control over the instrument or the agreement associated with it, we feel a little blindsided by this new type of dispute.
Regulation E extends investigation time frames to 90 days for POS transactions. Where do eCommerce transactions fit? Are they under the 45 or 90 timelines for investigation?
What is the banks responsibility when they receive a freeze from the lottery commission?
A customer wanted a cashiers check and paid cash that resulted of course into a CTR. A fee was included. When filing the report, do we only put the amount they physically gave us or are we suppose to include the fee?
I am in need of information regarding cash advances for MasterCard/Visa cards. I understand that we cannot charge a fee for a cash advance for non-customer or any customers but can a fee be charged for non-customers, stating that the transaction is a non-customer transactional fee?
Do the Letters POD have to be in the address information on the bank statement as long as the POD information is designated on the signature card? I understand the account title has to match the card- but does POD HAVE to be there?
Here is the situation: a customer deposits $12,000 in cash; they also do a currency exchange for $300 (cash in and cash out). Our processor states that the $300 out does not need to be reported on a CTR since it is not over $10,000. Is this correct?
Can you tell me if a final application when closing a mortgage is a regulatory requirement, a secondary market requirement, or just part of the process. If it is a regulatory requirement, what date would it have become effective?
We accepted a draft on a customer for cattle. We verified funds on the draft then deposited it this past Monday. When will we know if the draft has cleared for sure?