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Need to Remain Anonymous
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New to banking, For customers that have CDs that want to do a partial W/D.
Example:
Balance of CD before W/D = 1000.00
W/D amount = 300.00
Penalty is 1.20
Do banks allow for the customer to receive the full amount requested (300.00) and subtract the penalty amount from the CD or does the penalty need to be subtracted from the net proceeds? I realize there would need to be enough money in the CD when taking the penalty from the CD.
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Chat! - BOL Watercooler
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You're Going to Lose that Girl - Beatles
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Operations Compliance
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If you have interest to report to the IRS using the beneficiaries’ social security numbers, then requesting them on a W-9 would be appropriate. If you don’t have anything to report to the IRS, you would have no reason to collect that information.
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TRID - TILA/RESPA Integrated Disclosures Rule
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thank you.
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Deposits and Payments
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The "how to reconcile" or a worksheet was to the bank's advantage and not any federal requirement I've ever seen or heard mentioned.
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Operations Compliance
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1016.9(c) and (e) are also helpful, https://www.bankersonline.com/regulations/12-1016-009
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CRA
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I used to send out "Compliance Quickies" which were 1 page memos on a frequent topic. But this allowed me to target New Accounts, or Loans, or Loan Admin as examples so everyone didn't have to review it. It was common that these areas had regular meetings like before the bank opened. They could review and discuss the specific issue with applicable codes and descriptions other readers may not understand and they could walk away with a copy if needed. I found this quite helpful to target the problem with the solution.
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TRID - TILA/RESPA Integrated Disclosures Rule
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If the son was on the loan I'd see a consumer use but in the way it's being done, it's a loan to a business which is not using it for a consumer purpose - directly anyway. One might argue it is making a consumer loan with the funds. I suppose the banker in me shakes my head like Randy (but sans all the hair you don't see in his avatar) but I also see some of our old customers. They formed an LLC because they were told it may preserve personal assets but they run it like a sole prop because, well it's their money!.
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Chat! - BOL Watercooler
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Congratulations!
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TRID - TILA/RESPA Integrated Disclosures Rule
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Thank you for your guidance!
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Need to Remain Anonymous
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You're wise to search for and study anything on point, BUT do it as part of your "homework" before scheduling time with legal counsel. Not only do you want a clear understanding of your state's laws, but you also want to know if there have been any cases with unhappy ends. If somebody else has already learned something the hard way, you want to sidestep that problem.
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Need to Remain Anonymous
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I agree with Rocky & Dan, but suggest you consider expanding eligibility slightly. In addition to residence within your designated lending area, it's reasonable to include those who reside elsewhere but have an existing economic interest within that same area.
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Need to Remain Anonymous
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What does "ESIGN training" mean? Nobody should be subjected to training unless it's relevant to the duties they perform. The only bank employees who need to be trained about the ESIGN Act are those who develop or approve your policies and procedures to comply with the legal/regulatory requirements. Everyone else needs only to know which policies/procedures apply to my job duties. Their training should consist of coverage of our company policies and specific procedures I must follow to comply with them.
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Deposits and Payments
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Happy Friday!
We recently went through a review (with an outside company that we hire to do annual reviews) and one of the things he mentioned to us was providing our customer the option to opt-in of our Overdraft Privilege program at account opening. Currently our ODP program is automatic on 5 of our checking products. The customer is provided disclosures and informed of how the service works at account opening and they are able to opt-out if they so wish. There were no issues found with how we were doing this, he simply wanted to provide us with the suggestion and asked us to think about it. His words were:
"We suggest considering an affirmative opt-in election for enrollment in the program rather than the current opt-out election. This comment is intended as a matter to consider rather than a criticism."
We will definitely discuss this change. I was just curious if this was something many of you do? Has anyone ever been hit during an exam for not doing it this way? Just looking for feedback from others so when I do bring it up to my supervisor, I have plenty of information to provide.
Thanks!
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eBanking / Technology
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Welcome to BOL, MHansen!
Don't make the mistake of labeling this matter an "ESIGN issue" and manage it like a legal/regulatory requirement. The FDIC Bulletin Randy cites is safety & soundness guidance, not compliance guidance.
ESIGN sets a standard for the delivery of e-documents, but not for digital signatures. The ESIGN Act declares that e-signatures are legal and binding, BUT contains no definitions or rules for using e-signatures. You have to supply your own definitions and rules, and that's where FDIC's guidance begins.
You step into a new type of business risk if you allow digital signatures instead of wet signatures. While there are a few state and federal laws/regulations that require you to obtain the customer's signature, the main reason you get a signature is to prove (in court) that your customer is contractually liable for performance of the terms of the contract. Lenders are painfully familiar with the losses that can result from missing or forged wet signatures on loan documents. Mitigation techniques are also well understood. Even in the extreme cases of illiterate borrowers who sign their name with an "X", there's an established way to do business safely.
In the digital world, the loss mitigation challenge continues to be -- "prove it!" You will need airtight evidence that this borrower's digital "X" on these loan documents is, indeed, his/her "X." You will need this same evidence for as long as need to be able to sue the borrower for breach of contract. Like children, your self-developed standards for proving e-signature validity remain relevant for the lifetime of the loan.
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Flood Compliance
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Thank you both for the help. We received additional information for the insurable value of the contents to determine that coverage (is less than the max $500,000) and will require additional private coverage on the building for risk exposure.
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Newbie Nook
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Are managed personal agency trust accounts reported under personal trust and agency accounts (line 4) or investment management agency accounts (line 7)?
Thanks
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Need to Remain Anonymous
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Yes, it is an advertisement. Why else would you be hosting a wine tasting if not promoting the bank?
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Need to Remain Anonymous
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Yes, debit card must be used and is processed through MC, currently shows as POS, but I was second-guessing myself that WEB should possibly be used instead. In reading your response and thinking this through, this doesn't hit the NACHA network, so POS seems to be correct. Thanks for helping me think through this BrianC.
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Flood Compliance
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Thank you
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Texas
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Then it's time open it, customer never came in to remove the contents as per our notice sent whether it was received or not.
Thank you.
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CRA
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The annual data, loans originated or purchased, is used to compute the test results.
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Chat! - BOL Watercooler
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I think it's also weird that all the games are in Birmingham, regardless of who's playing. That said, I'll watch high school football over Barclay's Premier League any day.
Pee wee football is better than both.
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Fair Lending
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I get it, thanks for your response!
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Deposits and Payments
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I re-posted in the Private Forum
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