For an ACH transaction we (RDFI) have received, we believe a third party made the payment to an account and we (as RDFI) would like to return it. May we return it using the return code R23? R23 description sounds as if the recipient account holder should return the transaction.
Can a POA add beneficiaries on an account?
Can a bank account be opened for an entity such as an LLC and a person i.e., JSmith Properties LLC and Suzy Sparkles? Suzy Sparkles is not a member of the LLC.
Does anyone have any suggestions for putting together a policy on how to handle customers using cell phones to take photos or record interactions within a branch?
I have been trying to find what the requirements are for giving bonuses to open a new account. There are advertisements everywhere of cash offerings, freebies, or giveaways. We’re still stuck on the value of offer cannot exceed $10, however we see TV ads offering $300 to open an account. What compliance issues do we need to address if our offerings go beyond $10? As an example, April is Teach your Children to save month. Marketing has come up with a campaign that if you come by and get a piggy bank and bring it back full of coin with your child and use it to open an account, the bank will also deposit $10 into that new account, or it could be an existing account.