We recently contacted PCS due to errors in our system-generated Reg D report for excessive transactions, assuming we had some incorrect codes built into parameters somewhere. We were informed that the problem is systemic and a tech form has been submitted (like that will really help).
Are there other PCS banks out there having this problem? I just can't believe that the problem is systemic and their only solution is to submit a tech form "hoping" that someone will realize this is a huge problem.
Luckily, the errors are on the side of "over reporting" accounts as in violation when they really are not, as opposed to "under reporting" accounts that are actually in violation. But the issue remains and our only solution right now is to manually review the account histories of every account reported each month, with only a fraction of those actually being found to be in violation (last month only 2 of 45).
It is such a HUGE waste of time!! Is anyone else seeing this too??
In the end, it's all just a bunch of paper....