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#1323190 - 01/12/10 08:21 PM Safe Deposit Box Charge activating "inactive" acct
OkieDokie Offline
Member
Joined: Jan 2007
Posts: 51
Oklahoma
Currently, our safe deposit box charge assessed by an autocharge to an inactive account will cause the account to change status to active. I do not believe this charge although authorized to be auto charged originally by the customer should be regarded as a customer initiated transaction to the inactive account. Any thoughts on this?

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Operations Compliance
#1323221 - 01/12/10 08:42 PM Re: Safe Deposit Box Charge activating "inactive" acct OkieDokie
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
I would agree that it should not be regarded as a customer-initiated transaction.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1324155 - 01/13/10 09:17 PM Re: Safe Deposit Box Charge activating "inactive" acct Doug Hendrickson
Neytiri Offline
Platinum Poster
Neytiri
Joined: Jul 2002
Posts: 645
Pandora
We require a customer signed debit to activate our dormant accounts.

And I think the definition of "activated" for escheat purposes is governed by your state escheat laws. Auto charges don't meet this definition because these can go on for years with no customer intervention/knowledge. At least in our state.

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