Vendor Guru Q&A - Compliance

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Latest Compliance - Savings Accounts Topics

Reg D Apply to Savings Used as Security for Loan?

08/18/2019

Does Reg D apply to a savings account that has been used as security for a loan?

Add Higher Balance Tiers On Investment Savings

07/14/2019

Our private banking area is requesting to add two higher balance tiers on an investment savings account. There is no regulation or rule that would hinder this correct? The only thing I can see is if we are not offering this to other bank customers, but only to these high end customers.

Regs/Requirements for Time Deposit Accounts

02/17/2019

Our company is wanting to offer Time Deposit accounts. I have read Reg. DD and I see that Time Deposits have certain restrictions on withdrawal periods and penalties but I don't think they are much different than Certificate of Deposits and Auto Save IRA CD's. Basically if we adhere to TISA requirements are we okay to offer these or should I be looking into any other regs or requirements?

Popmoney Considered Automatic Transfer? (Reg D)

07/01/2018

Is Popmoney considered an automatic transfer with regards to Reg D (excessive withdrawals) limitations?

Savings Account w/ Higher Rate-APY Disclosure

02/04/2018

We want to offer a savings account for students. We are thinking of offering a higher rate on the first $1,000 deposited and then our normal rate on balances over that. This will be effective for one year and then the rate goes to our regular savings rate at that time. If we put up a banner on our building and state the higher rate, do we need to also state an APY on the banner? And what balance would we use to disclose the APY? The APY for $1,500 and $2,500 are considerably different.

Reg D Savings Statement: How Many Transactions

06/04/2017

Our savings statements are generated every quarter. We recently converted our banking core, and our new core is counting Reg D transactions for every 90 days instead of 30/31 days. My question is, per Reg D, should the customers be allowed 6 transactions per 30 days or 90?

Does Regulation CC Apply to Savings Accounts?

12/18/2016

Does Regulation CC apply to savings accounts?

Converting Passbook Savings to Statement

04/27/2015

We are converting all of our passbook savings accounts to statement savings. The disclosures originally provided to existing accounts did not differentiate between passbook and statement accounts. Are we required to provide a 30-day change in terms notice to customers whose passbook accounts will be converted?

Multiple Reg D Violations In 12 Month Period

01/05/2015

If a customer has 3 Reg D violations in a 12 month period, can the bank keep the account a savings account, but turn off the interest to make it non interest bearing?

Reg D Warning Letter for Excessive Transactions

05/26/2014

What happens if a bank sends two warning letters for excessive transactions of a savings account, Reg D, but the bank does not follow thru and allows the account to continue excessive transfers. (the account has a balance of $125K)

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COPPA and Third Party Vendors

FTC has proposed revisions to the Children’s Online Privacy Protection Act (COPPA) rules to enhance the coverage of the rules.

Written Notification- Credit for Unauthorized ACHs

09/15/2019

Are financial institutions required to give written notifications to customers when the bank gives credit for unauthorized ACHs?

Printing Acct. Statements for Deceased Customers

09/15/2019

We occasionally have customers that have passed away and have no beneficiaries on the account. Do we have to continue to print their account statements monthly or can we change it to print annually?

Letter Template for Legal Issues

09/15/2019

Do you have a form letter template or suggested text that can be used when we receive a legal issue from outside a jurisdiction we would otherwise have to honor, stating we will not be responding and that legal issues must come from our areas we are subject to?

Failure to Collect Beneficial Ownership Info

09/08/2019

Would failure to collect beneficial ownership information at account opening (CDD) or a reason for not needing CDD certification of beneficial ownership be considered a CIP exception?

BSA Risk for Coin Operated Amusement Machines

09/08/2019

Can you refer me to the guidance for assessing the BSA risk for coin operated amusement machines operated in convenience stores who happen to be a customer of our community bank?

Latest Compliance - Savings Accounts Topics

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