How can manual processes impact a financial institution's compliance rating?
Are manual processes more accurate?
I have a few questions regarding Reg CC:
1. For accounts less than a year old, and a check is over $500, we place it on a 2-day hold, is that allowable under the Reg?
2. For accounts open more than a year and checks more than $3k but less than $5k, we place it on a 2 day hold, is that allowable under the Reg?
3. Does Reg CC apply to A2A deposits or mobile deposits?
A customer had a charge out of his account six months ago. That’s old and means he has unlimited liability so we don’t have to investigate it. Is that right?
We think we heard Brian Crow say, at TopGun Mar. 2020), that if we acquire a loan from a non-covered institution, that did not collect Beneficial Ownership certification from a legal entity borrower, we now must do so. I'm looking for citation of that requirement in Regs or guidance etc. We're about to do exactly that scenario.
Can a bank place a hold on any check that is not next day item if there is not recourse in that customer's account at the time they present check to the teller for deposit?
We received a reclamation for Social Security (SS) from a person who passed away 12/8/16. His SS went in on 1/3/17. His son came in and closed account on 1/4/17 and that's when we learned of his father's death. We received a reclamation in March of 2017 and we informed SS at that time of when we learned of the death, that the account was closed and we provided the name and address of the son who received all the funds. On 3/3/20 SS took the amount from us. Was it our responsibility to get the money back in 2017? Is it our responsibility to get the money back now? Where can I go to learn more about reclamations?
What is our obligation under Reg E if a spouse on an account wants to file disputes for charges incurred by the other spouse on the account?
We want to promote debit card usage and management wants to have a monthly drawing for a $25 gift card. I think that this is not permitted since it would not allow non-customers to enter and bank customers with debit cards are the only ones who can win - am I correct?
We have seen other banks do this in our area, so management thinks it is just fine.
We received notice from our core processor that we will be charged for a debit card transaction that is not our customer, the card is not on us and the merchant is not a customer. We are disputing this with our core processor but they say we will be charged for the transaction. Why can this transaction not be returned when it wasn't on us? I have no idea how it reached our core processor and was processed for our bank.