Most Popular Compliance Content
BSA Training Requirements
09/20/2004
What is considered adequate training under the Bank Secrecy Act for bank employees? Might this vary based on their duties?
If It Is a Bad SSN, Do We File a SAR?
09/20/2004
If a person comes into the bank and wants to take out a loan, but we deny the loan because the social security number has not been issued or the number belongs to a deceased person, are we required to file a SAR? Technically the person is not a customer and no money has switched hands. Also, if we have an existing customer with deposit accounts who wants to take out a loan, and at that time we discover the same scenario with their social security number, should we file a SAR and close their accounts?
Is Compliance Training Important?
09/20/2004
Why is the compliance training important for employees? What would be a good way of explaining to a new employee how we conduct the training?
Line of Credit Statement Required
09/20/2004
Our bank offers a personal line of credit that also acts as overdraft protection. Advances from the line are in a minimum of $50. There is no charge for the advance to cover an overdraft or overdraft fee from the DDA. We are sending out a notice to customers for each and every advance. In some cases this may be 3 or 4 a week. Is this necessary, as the monthly statement for both the PLOC and DDA would show the transfers? What regulations in particular would cover this?
Paying Better Rates for Putting Skills
09/20/2004
Is there any problem having a "contest of skill" that could earn a customer a lower finance rate or a higher interest rate? We want to give any customer who wants three tries to "sink a putt" in a makeshift golf green that we are setting up in our newly renovated lobby. If they make the putt, they get either 10 basis points less on a loan or 10 basis points more on a CD.