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.

Importance of Exception Management

10/17/2021

Why is exception management so important for banks?

New Escrow on Existing Loan

10/17/2021

We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?

Military Identification Card

10/17/2021

If a customer presents a military identification card and has no other form of ID, it is my understanding is you cannot make a copy of Military ID's. What other forms can be used? This person does not drive and has no transportation to get to the DMV. He does have an expired TX DL but that is all.

Risks for Online Account Opening (CIP)

10/17/2021

How are smaller banks, say in the $200M asset size, managing compliance risk when diving into online account opening? I'm very concerned about CIP-CDD-EDD. I cannot fathom never obtaining a wet signature or seeing a check prior to accepting a deposit. Also, asking the CDD-EDD questions online is completely different than in person regarding getting a feel for the customer. Do most banks also open new accounts online for businesses, trusts, estates, etc? Is there a vetted software company that is preferred for this endeavor?

List of Board Policies (Regs/Acts)

10/17/2021

I was wondering if there is a list of board policies that financial institutions are required to have (regulation/acts) along with how often they should be reviewed by the board?

Latest Compliance - NOW Accounts Topics

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