Are other banks performing callbacks for customers completing online auto-enrollments? If not, what are the controls for preventing fraud?
Can information-sharing help prevent wire-transfer losses?
Is there a second prong that applies to the definition of what is, or is not, a Prepaid Account?
Can a Financial Institution send out a debit card to an existing customer, even if the current card is not expired? The FI would be sending the new card as a marketing tool, so to someone who hasn't used the card in quite some time. What about if it is a credit card? Same question, but is the answer the same?
We use a Processing Agent for our online banking funds transfer to other FIs. We have a situation where our member initiated a funds transfer via our online banking to transfer funds from another FI to us. These transactions processed as usual. Now the other FI is stating it is fraud. We are trying to determine our liability (funds have already been spent and it is past the 60 days). It was our understanding that the processing agent would verify the supplied information for things like name match. Our member's name isn't even CLOSE to the individual that the other FI says the funds came from. Is this 3rd party responsible for not verifying this information or do we in fact have to pay back these funds at our loss?
I am looking for some guidelines regarding online banking. Can an individual add their business or even a business they are authorized signers to their personal account? I would like to have some absolute guidelines.
We are increasing our overdraft fee. Can I notify my online customer with a simple banner to click on? If not, can I send them an email, or do they need it delivered via snail mail?
When we have a customer who exceeds the transaction limitations on a savings account due to online transfers, we restrict him from online banking. If he also has a sweep set up for overdraft protection, we do not remove the sweep, since this is not what put him over the transaction limit. Is this a violation of the Reg? Should we restrict him from online banking as well as remove the overdraft protection sweep?
Please explain "simple customer agreement" regarding electronic consent for the ATM/1-time debit transaction opt-in?
Reg D restricts the number of transactions allowed on Money Market and Savings accounts, but allows for unlimited transfers in person. What warrants an in person transfer? We know it includes over the counter transfers, ATM transfers and transfers delivered via courier. What about telephone transfers and online banking transfers? It doesn't seem logical that these would be excluded.