Most Popular Compliance Content
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.
Reg O and Overdraft Fees (Not) Charged
09/20/2004
Under our procedures on Regulation O, if a board member has an overdraft on an account which is less than five days and less than $1,000, no overdraft fee is charged. The bank says they do not charge overdraft fees to customers in "similar" circumstances. Is this a Reg. O violation or not?
Changing Banking Hours
09/20/2004
We're planning on closing a branch for Saturday banking. What kind of notification do we have to give? (We are in Texas.)