Skip to content
BOL Conferences Top Gun 23
Thread Options
#1951061 - 08/08/14 06:46 PM RDC used for personal acct
peoples Offline
New Poster
Joined: Mar 2006
Posts: 13
We have a RDC business customer that want to start making deposits to his personal acct via RDC. We told the customer RDC was for business purposes only and he indicated that his prior bank allowed personal checks to be deposited. Needless to say, if we allow RDC to be used for personal accounts we will modify our RDC agreement.

If we choose to allow the customer to use RDC for personal accts what issues regulatory or otherwise should I be aware of? Also, would their be any compliance disclosures required for the consumer deposits made via RDC?

Return to Top
Deposits and Payments
#1951077 - 08/08/14 06:53 PM Re: RDC used for personal acct peoples
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 80,370
Galveston, TX
he indicated that his prior bank allowed personal checks to be deposited.

Maybe that is why it is his prior bank.

You make the rules not him. If you don't offer a consumer RDC product with the proper contracts, vetting and procedures in place, you don't offer it. This is not a product to offer on a one-off basis.
The opinions expressed here should not be construed to be those of my employer:

Return to Top
#1951471 - 08/11/14 03:08 PM Re: RDC used for personal acct peoples
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,870
Cape Cod
I want to second Randy Carey's response, and offer this additional suggestion: Typically, RDC installations offer a connection to only one deposit account: in your case, it would be the business account. Depositing checks payable to the individual creates potential for endorsement problems, the potential for the individual to ask for on-line access for transferring funds out of the business and into the personal account, and so on.

If you offer RDC to personal accounts (typically mobile RDC or mRDC is used), he can apply for that access for his personal checks.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett