02/25/2024
I have a husband and daughter who have been appointed conservator for his wife (mom). According to the court documents the annual accounting to the court is waived. Can I open the account as joint for the husband and wife showing he and the daughter as conservators?
02/25/2024
We need an advice for below situation.
1. Our customer cashed a check for $9,230 from another bank at one of our branches on 11/21/23.
2. On 11/27/23 we received a return for this item as Stop Payment.
3. On 11/28/23 we processed a late claim returned to Fed and received the credit from Fed same day.
4. On 1/19/24 we received a late returned debit from the Fed to deal directly with the other bank. We contacted the other bank as they insisted that it wasn't a late return.
How can we resolve this situation and how we can ask other bank to pay us?
02/18/2024
We have a business customer who had an employee negotiate their payroll checks a second time. This employee deposited their payroll checks through a mobile channel with their bank over a year ago and then deposited them again.
They cleared our customers account because our duplicate detection only goes back a year. Our customer did not reconcile or review his accounts to notice the duplicate payments and wants to hold the bank responsible. They total about $11k. We already tried returning the checks for duplicate and as expected, they were returned for "Late Return".
I am looking for any input as to how we can recoup the funds? The bank of first deposit (PNC) did take in stale dated checks as well as having their customer not adhere to mobile banking terms. Any input would be appreciated.
02/18/2024
I am new to the compliance function so I apologize if this does not make sense. My question addresses Reg DD and a CD interest payment date vs. maturity date.
Here is an example: a CD term is 6 months and interest is paid every 30 days.
Since there are more/less than 30 days in some months the interest payment date does coincide with the maturity date, so there are generally a few days between these dates. I am unable to find anything in the TISA reg about this. How and when is interest paid in relation to the maturity of the CD?
02/11/2024
When orally quoting a deposit rates over the phone, if the APY is 3.00%, does the the employee need to state the APY as 3.00% or can they say the APY as 3%? Likewise if the APY was 3.50% do they need to say the APY is 3.50% or can they say the APY is 3.5%?
02/11/2024
What are the mandatory (required) training courses for employees to take annually?
02/11/2024
I have a question about a CD special. The bank's rate sheet lists a 12-month CD as well as a 12-month CD Special that has a considerably higher interest rate/APY than the regular base CD. The bank also allows negotiation and will pay a higher rate to keep business. For the "special" and any other negotiated rate, the rate is only in effect for the initial term and at maturity will renew at the 12-month non-special rate.
I'm looking at 1030.5; Comment 5(a)(1)-1 and I am thinking that advance notice would be required since the terms are changing upon the occurrence of an event (renewal). There is nothing on the TIS disclosing that the initial term is a promotional period and that the CD will renew at the lower non-special rate in effect.
Am I thinking about this correctly?
02/04/2024
We are a small community bank that maintains strong connections with our customer base. From time to time, a customer we know well brings us a check for deposit that's accompanied by a seemingly legitimate backstory. But the appearance of the check, based on our experience leads us to believe that the check may not be paid because not ALL of the boxes can be checked to rule out that that it's a fraudulent check.
Knowing our customers we tend to give them the benefit of the doubt by accepting the check for deposit and placing a Reasonable Cause hold for 4-5 days. Our acceptance of the check is done in good faith that our customer's story is legitimate and our Reasonable Cause hold is done as a means of ensuring that our customer doesn't end up on the wrong side of a scam.
I have read several opinions which state the ONLY course of action that's entirely compliant is to refuse to accept the check for deposit. Most opinions are that we simply cannot place a hold for Reasonable Cause to Doubt Collectibility in this situation.
Even after completing due diligence on the check and the facts offered by the customer, by refusing a check where some facts indicate authenticity and others indicate potential fraud, why would we not be allowed to try in good faith to accept the check, while protecting our customer from potential loss by way of a Reasonable Cause hold? After all, the teller has formed a "well grounded belief that the check MIGHT not be paid," but is also acting in good faith on behalf--and in favor--of our customer.
We are all advocates for our customers, and simply refusing to accept a check for deposit simply because we couldn't check off EVERY box that it isn't a fraudulent check, seems counterintuitive to the consumer-favoring language of Reg CC.
02/04/2024
Are banks held accountable when customers transfer money from HSA accounts to personal accounts or LLC accounts?
02/04/2024
Do business transactions apply to ESIGN - Electronic Signatures in Global and National Commerce Act?