09/29/2024
I have read through several articles on private ATM owners and the enhanced due diligence on these; however, none seem to call out private ATM owners that do not have access to fill the ATM. Would these customers have the same expectations? Would it be necessary to tag these customers, obtain contracts/agreements and do yearly reviews of activity?
09/29/2024
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?
09/29/2024
If a customer authorizes someone to use their card and gives them the PIN for a specific transaction, and that someone uses the card for additional transactions that were not authorized by the customer, is their any negligence by the customer for giving the card and PIN for the first authorized transaction? What are the requirements according to Reg E ?
09/29/2024
Do coffee shops fall under the restaurant category, making them high risk according to FinCEN?
09/15/2024
Are banks held accountable when customers transfer money from HSA accounts to personal accounts or LLC accounts?
09/15/2024
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?
09/08/2024
We have a client wishing to open a checking account through an irrevocable trust for the purpose of funding a self-directed 401K. The checking account would collect funds and then under the trust be invested as outlined by the trustee. What liability would the bank have if we opened the
account?
09/08/2024
Is a letter to the borrower required when right of offset is used?
09/08/2024
We are considering allowing customers to use FedNow to receive instant wires. The concern is our customer receives the wire and spends the funds and a day, two, or more go by and we receive a claim to return the funds due to fraud. Which bank would have liability for a fraudulent wire transfer, the sending bank or the receiving bank? Can you provide the references that I should be looking into (UCC, Regulations, etc.)?
09/01/2024
We have a commercial customer that cashes checks, but they are not registered as an MSB because they have a policy to not cash checks for one person over $1000 in one day. We found one instance of checks cashed over $1,000 for one person. Are we required to have the customer register as an MSB, or can we verify their check cashing policy and continue to monitor the
account for any further instances?