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#1400829 - 06/08/10 07:18 PM controls over telephone transfer requests
traveler Offline
100 Club
Joined: May 2010
Posts: 180
Alabama
Does anyone have procedures/policies they would be willing to share on funds transferred via telephone request. this would be for transfers within the bank, not wire transfers. Or if anyone has any "words of wisdom" on this subject, that would also be helpful.

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Audit
#1400954 - 06/08/10 08:55 PM Re: controls over telephone transfer requests traveler
SunnyFL, CRCM Offline
100 Club
Joined: Sep 2004
Posts: 205
FL
Our customers can transfer funds through our telephone automated system and they can also call a customer service person (teller or sales counselor). If they do the transfer thru a representative on the telephone, the accounts have to be titled exactly the same (i.e. Mary or John Doe to Mary or John Doe; ABC store to ABC store; Tom, Dick or Harry to Tom, Dick or Harry). Works well here.

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#1401048 - 06/09/10 11:55 AM Re: controls over telephone transfer requests SunnyFL, CRCM
Its Just Me Offline
Member
Joined: Jan 2010
Posts: 73
Midwest
We allow customers to transfer funds as long as they are a signer on the account they are transfering from and transfering to. The account titles do not have to be the same. We verify 3 pieces of identifying information prior to processing their request. I haven't heard of any isses with this process.

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#1401254 - 06/09/10 03:40 PM Re: controls over telephone transfer requests Its Just Me
hawksfan Offline
100 Club
Joined: Mar 2004
Posts: 114
Iowa/Illinois
What types of information do you have them verify? Is it all non-public information?

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#1409956 - 06/30/10 03:54 PM Re: controls over telephone transfer requests Its Just Me
Maureen C Offline
New Poster
Joined: Jun 2007
Posts: 4
You should not be allowed to transfer unless account names are the same. Simply being a signer on both accounts is a big problem. For example-I was a signer at my former place of employment (a Large Town) and I am a signer on my personal accunt. By your rules, I would be permitted to transfer funds from the Town's account into my personal account. I recommend that this be re-evaluated.

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