What documents do we need to open accounts to be in compliance for non-resident aliens other than the regular documents (CIP etc)?
In terms of UDAAP, what makes something “Abusive”?
We are receiving a significant number of computer-generated, form letters from Cushion, a fintech in San Francisco, requesting refunds of fees (generally overdraft fees). In researching Cushion, I have found that a consumer pays an annual fee and provides the company with access to their bank accounts via online banking. Cushion then scans the customer's accounts looking for fees. If it finds any fees, it generates a letter requesting the fees be refunded, citing difficulties during the COVID pandemic. We are handling these requests according to our policy, but the volume of requests has significantly increased and we are receiving as many as 50 per day. I would like to know if other institutions have reported receiving these third-party refund requests from and how they are dealing with them. In addition, have you heard any thing about these types of services from the regulatory agencies' perspective.
We have received an EFT claim where the customer allowed the girlfriend to use his debit card to pay his bills while he was in the hospital for a month, Nov 23 - Dec 23. Unfortunately the girlfriend did not pay bills, she helped herself by using FB Pay and transferred about $9,000 to herself. Customer gets out of the hospital and girlfriend will not let him have access to his phone, the bank, or anything as she is the one "taking care of him". Finally, if the story is true, he managed to get out of the car while near the bank when she was driving, parked at a stop sign. He then learned why she wouldn't give him any of his account info. Even though she exceeded her authorization he granted, the customer is liable since he gave her authorization, correct? My concern is more so about the transactions that occurred after Dec 23, as she continued to use the account. He took his card back on Dec 23 when he got back home; however, the information was stored in the device for the P2P transfers and she continued to use it through January. Are we liable for those transactions? Is it a concern that the customer was unable to contact the bank since he was hospitalized? He was unable to contact us even after he got home because she wouldn't allow him access to his phone. What do you suggest we do on this claim?
We had a check post to a customer's account on 1/28/2021 and they brought to our attention in late February that this check had already paid on the account on 9/28/2020 as an ACH check conversion. It is too late to return either item so how would this be handled? Would we need to get with the ODFI of the ACH to see if they would return the funds to us in good faith?