We currently keep both electronic copies and paper copies of every change made on our website. This is time-consuming to maintain. How critical is it to keep hard copies of our work, and what questions should we be asking ourselves to potentially reduce or eliminate unnecessary paper trails?
We have a business organized as a trust that is opening an checking account for a bingo unit. There is only one person named in the Trust Agreement. His
name is Mike. Mike is named as a trustee/designated agent in the Trust Agreement. He is wanting to add his bookkeeper, Kim, to be an agent on the
account. Is this allowed for trust accounts, or are only people designated in the Trust Agreement allowed to be on the account? Also, the Trust
Agreement is not signed or notarized, which raised some questions for our New Accounts Rep. Does the Trust Agreement need to be signed and/or
We have a customer that we suspect may have several fraudulent checks written against her account. How long does she have if they are fraudulent,
to sign the forms that they are fraud?
We have a member who is filing debit card fraud and claims that his card was not received in the mail. The card was activated and the caller used the
correct last four of his social security number to activate it. Is this enough to deny the disputes?
This is about an advertisement that offers a bonus to a customer and one of the conditions to be met in order to qualify for the bonus is having a set
number of debit transactions posted to the customer's account within a specific period of time. When disclosing this qualification in the ad for
the customer, should it be specified as "posted and cleared to your account" to be more clear and conspicuous or is the language "posted to your account"
Does Reg DD indicate the need to specify the term "cleared or completed"
when referring to posted?
What are your thoughts on a sole proprietor using a personal joint account for business transactions? Merchant deposits and payments are going in and
out of the account (less than 15 transactions a month). We have insisted that our customer open a business account for his sole proprietorship. Is it
wrong for us to require it?
We returned three checks that were written on 8/22 and 8/23 as forgeries. Today, I received a claim of late return. I thought we had 60 days to
return these; can you please clarify the parameters for this?
A business customer died 2 1/2 yrs ago. Due to estate disputes, an attorney was assigned to settle the estate. Recently the attorney sold the business.
The attorney and the new owner came to the bank and requested to have the attorney's name removed and to add the new owner to the existing account.
Due to several family members of the deceased having all the account information, I informed them that I would need to close the existing account
and open a new account. The attorney was not happy. They did not bring documents reflecting the sale of the business or documents reflecting the
owner name change being filed.
What is the standard or best process for this type of situation? Should a new account be established if the required documents are presented or is it
acceptable to simply change names and keep the existing account open?
For the Reg CC RDC indemnity, it states; "(2) A bank described in paragraph (f)(1) of this section shall indemnify, as set forth in § 229.34(i), a depositary bank that accepts the original check for deposit for losses incurred by that depositary bank if the loss is due to the check having already been paid."
We have a customer which is a business offering check cashing and it makes deposits via remote deposit capture. I am confused over the liability and timing of paper vs. electronic deposits, duplicate items and will restrictive endorsements influence liability?
We are a de novo bank and our BSA officer mentioned that it was "recommended" by FDIC regulators that banks need to check their
correspondent banks on OFAC anytime they send or receive a wire from them. To me this seems pointless and quite excessive. We send/receive wires
through PCBB and I can't see us needing to check OFAC lists for their name daily. Is this really necessary?