How can banks stay compliant with transactions while not using ACH?
I have a question about telephone transfers. The telephone transfers we perform are for the customer who calls the bank and requests the teller to withdraw from one account and transfer funds to another account. We currently have a custom form that a customer signs to perform ongoing telephone transfers and we keep this on file authorizing the bank to perform these transactions. We would like to discontinue using this form. Is this old form necessary and is it even a compliance requirement under Electronic Fund Transfer Act? We currently document on the transaction ticket "Telephone Transfer per Customer request". Any advice or information would be greatly appreciated.
Is Popmoney considered an automatic transfer with regards to Reg D (excessive withdrawals) limitations?
Do we need to have the client sign a new Automatic Fund Transfer (AFT) form if we are changing how their payment will be applied? i.e. from P&I payments to P&I with the surplus funds being applied to principal only. The amount would not change, only how it is applied.
Is signature needed for OD transfer service? Our "overdraft" product does not qualify as overdraft under 12 CFR 1005, as it's simply a transfer between the consumers accounts. The consumer receives two free transfers per year but is subsequently charged $0.50 for each transfer thereafter. Is the consumer's signature required to link his/her deposit accounts for this "overdraft" service?
I had a customer ask if FDIC insurance coverage would apply to Cyber Crime loss of funds. Thoughts?
Is there Reg E periodic statement requirement for retirement savings accounts where we set up a preauthorized debit from a customer's account at another institution to be deposited to a retirement savings account at our institution? If so, what is the requirement? These deposits are not payroll deposits but just periodic deposits (i.e. monthly deposits of a specified amount) to a retirement savings account.
A customer's savings account is set up to protect his checking via overdraft protection and he has violated Reg D for three consecutive months and the bank has removed the overdraft capability, following all requirements of course. When can he or can he request overdraft protection from his savings to his checking again?
Our customer gave their 9-year-old child permission to buy a book on the Internet through Apple ITunes in the amount of $9.99. While in the website the child was looking at a lot of other things. Next day 12 charges came through their account totaling $373.44. They want to dispute as they only authorized $9.99. When they talked to the child he said he looked at lots of stuff but had no idea he was purchasing what he looked at. The parents called the number on statement and it directed them to a website which they emailed. We told them to let us know when they hear back which could be 48 hours. Can they dispute the difference?
Is there any difference between and EFT item and an ACH item?