If we want to raise our NSF fee from $20.00 to $25.00 do we have to give the customers a 30 day notice?
A customer deposits a check for rent from a tenant on the 3rd of the month. That check is returned for NSF. How much time does the bank have to notify the customer? If they bank waits till the 28th of the month to notify the customer, and mails the returned check back with the endofmonth bank statement, would they be liable for any damages?
As many other banks are now doing, our bank has formalized our overdraft protection plan (deposit product). There are a few other banks that have been observed that have incorporated a 'continuous daily overdraft fee' in addition to the NSF fee. I have been asked if our bank can do this since other banks are charging this daily fee. Would this daily fee suggest 'time and money' charges and fall under Reg Z and require disclosures?
Lucy Griffin explained to our Minnesota Bankers compliance group that we must not keep photo copies of picture IDs in loan files because of a possible Reg B violation. However, we also do this when we open new accounts (it could be helpful in cases of identity theft, or just so staff will recognize new customers). We also do it when we make a credit card cash advance for noncustomers, as we have experience identity theft there. Can we do this in nonloan situations and not run afoul of Reg B or other regs?
I was wondering if you could tell me if the bank or the customer is at fault in the following scenario.Here's the scenario:A bank posts their inclearings at approximately 5:30 PM but many of their branches remain open and on the current date until 7:00PM. When the inclearings hit, a check overdraws the customer's account by $50. She makes a $100 cash deposit at 6:30 PM(not knowing she's overdrawn). The bank charges the customer an insufficient fund fee and could possibly return the check NSF. Is the bank correct in their actions?
Our commercial officers want to selectively determine who should receive overdraft notices. Can someone direct me to a law or regulation that would provide guidance in this area? Is the bank required (other than by good business practice) to give notice to a customer who is overdrawn if the checks are paid and a fee charged or if the checks are returned and a fee charged?
Can a person stop payment because the check will cause them to be overdrawn?
We now have the computer capability to rebate foreign ATM fees that are charged to our customers that using other bank's ATMs. We will limit the rebate to $10 per month per account. As a small bank with few ATM's, we hope this will provide a competitive advantage. Question from an IRS standpoint, is this taxable income to the account holder that we have to report? It doesn't seem to fall in the category of interest or a bonus.