Vendor Guru Q&A - Compliance

Latest Compliance - NOW Accounts Topics

Factors Used to Determine NOW Acct. Qualification

08/19/2018

In today's banking environment (post repeal of Reg Q in 2011), what factors are used to determine whether an interest bearing checking account qualifies as a NOW account?

Interest Bearing Checking Acct. for Cooperative?

04/15/2018

Can a Cooperative have an interest bearing checking account?

Eradicating NOW Accounts-Any Negatives/Cons?

04/08/2018

We're looking into eradicating NOW accounts. So far, there hasn't been any real negative discovered with making this change - other than some maintenance in the beginning. Is there something drastic we could be overlooking?

Info In Letter for Switch to Super NOW Accounts

11/22/2015

We will be sending letters to our customers with grandfathered NOW accounts informing them that accounts will be switched to Super NOW accounts, regular checking accounts, etc. What information is required in the letter we provide to the customer, and is there a timing issue?

Difference b/w NOW & Interest Bearing Business?

06/02/2014

What is the difference between a NOW account and an interest bearing business checking account and what entities can open a NOW account?

Can an Ambulance Association have a NOW Acct?

06/02/2014

Can an ambulance association have a NOW account. Is an ambulance association considered a public fund account?

Date Banks Allowed to Pay Interest on Personal

02/24/2014

When were banks allowed to pay interest on personal checking accounts? The date July 11, 2010: does that only refer to business checking?

Reg for Change on Who can have Now Account

09/10/2012

The change on who can have a NOW account (Businesses). When was the change and in what Reg is the change found?

Place Reg CC Hold on an IOLTA Account?

06/11/2012

Can you place a reg CC hold on an IOLTA account?

NOW Account Rules-7 Day Notice Interest Bearing

04/09/2012

In order to have a NOW account, does the account contract have to disclose the reservation of the right at any time to require not less than 7 days notice in writing before any withdrawal from an interest bearing account?

Premium Content View All

Reg Q, Wherefore Art Thou?

Ever since Regulation DD took center stage, Regulation Q has been a mere shadow of its former self.

NOW Account for Estate Account

Question: Our customer wants to open an interest bearing checking with unlimited check writing for an estate account she is handling.

Handling Reg E claims on older transactions.

07/25/2021

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Compliance Info on Paper Checks

07/25/2021

I was wondering if you could point me in the right direction as to where to find more information on compliance for paper checks? Whenever I place a stop payment on a paper check, there's a disclosure that says "this request will expire in 6 months in order to comply with regulatory requirements." For the customers who ask for a more in-depth answer, what can I tell them?

Reg E Fraud- EFT Claim for Cash App

07/25/2021

During a review of the account, we noticed several transactions to Cash App, to the same people from last December and one in January. These were NOT disputed. Should we inquire about these transactions? If so, could we start our calculation from the statement date (plus 60 days) from the statement with the first unauthorized transaction? Does it make a difference that the December, the May and June transactions were on different cards? (The customer has had multiple cards.)

ACH Return for Unauthorized Debit

07/25/2021

Can a customer initiate an ACH Return for unauthorized debit from a closed bank account?

Reg E Telephone Transfers/Transactions

07/25/2021

I have a question about telephone transfers. The telephone transfers we perform are for the customer who calls the bank and requests the teller to withdraw from one account and transfer funds to another account. We currently have a custom form that a customer signs to perform ongoing telephone transfers and we keep this on file authorizing the bank to perform these transactions. We would like to discontinue using this form. Is this old form necessary and is it even a compliance requirement under Electronic Fund Transfer Act? We currently document on the transaction ticket "Telephone Transfer per Customer request". Any advice or information would be greatly appreciated.

Latest Compliance - NOW Accounts Topics

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