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#26470 - 08/08/02 01:06 PM Re: 7 days advance notice of withdrawal
Andy_Z Offline
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I tried to blow up the image and sharpen it. I couldn't read it well enough in any case. It looks as though it says "Twelve Hundred and 50/100".

I often see old text from newspapers and the written word of 75 or 100 years ago was different than today. I would write the check as "One Thousand Two Hundred Fifty and 00/100" today. Was "Twelve Hundred..." an accepted description back then? Did they rip Lydia off?
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#26471 - 08/08/02 03:58 PM Re: 7 days advance notice of withdrawal
John Burnett Offline
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In reply to:

So John, do you agree that the CFI/Harland TIS dislosures lists the 7 days required notice as a limitation for statement savings accounts?


I haven't seen the document in question, so I cannot comment. I will argue that the statement needs to be in contract language for any NOW, savings, MMDA account. The Regulation DD Commentary sepecifically states it doesn't have to be included in account disclosures under that Reg.

I cannot frankly remember the last time a regulator asked whether we included the "reservation of right to require" wording in any of our brochures.
Last edited by John Burnett; 08/08/02 04:03 PM.
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#26472 - 08/08/02 06:02 PM Re: 7 days advance notice of withdrawal
RVFlyboy Offline
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Andy, the discrepancy is not between the words "Twelve Hundred" as opposed to "One thousand, two hundred". The discrepancy is that the Twelve Hundred and 50/100 written amount is only 1200.50. Correctly written to match the numeric amount of the check is should have read "Twelve hundred and fifty and 00/100"
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#26473 - 08/09/02 02:54 AM Re: 7 days advance notice of withdrawal
Andy_Z Offline
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But that is my point. Could that have been correct at that time since it was written "Twelve Hundred". English was written slightly differently. I just can't imagine that mistake could be made. In any case there are no cents.

I agree it looks wrong today, but I have to ask.

Also, I looked at the check with my home PC and it is clear. I thought there was more text when I saw this at work. I just realized my monitor at work stinks!
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#26474 - 08/09/02 03:57 AM Re: 7 days advance notice of withdrawal
Princess Romeo Offline

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In reply to:

But that is my point. Could that have been correct at that time since it was written "Twelve Hundred". English was written slightly differently.



Andy - the check wasn't written THAT long ago... It's not like it was from Ye Olde FDIC. And actually, I've seen many people use the term "Twelve Hundred" for the numerical amount of 1,200. Possibly it's a "olde mathe" vs. "New Math" thingy...

The issue really is the 50/100 which clearly means 50 cents instead of 50 DOLLARS! It could be that person is owed $49.50 (Forty Nine and 50/100 dollars...)

As for your monitor... a little soda through the air vents will make it smoke something fiece. Then you can put in your requisition for a 17 or 20" Flat Monitor with ultra-high definition....
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#26475 - 08/09/02 04:04 AM Re: 7 days advance notice of withdrawal
Ann Offline
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OK, guys, my guess is that since the word "dollars" did not follow Twelve Hundred, that "Twelve Hundred and 50/100" is the way they described the numerical amount of $1250.00 in 1934. But being the notable researcher that I am, I have e-mailed the Learning Bank at the FDIC for the rest of the story.


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#26476 - 08/09/02 01:00 PM Re: 7 days advance notice of withdrawal
Andy_Z Offline
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Oh sure Ann. Next you'll get a reply, then you'll start inserting facts. That'll mess up the whole thread.

I just have to wonder if that was accepted "back then". 60 years ago newsprint used a different style of writing so this may have been acceptable. I can't believe an error like that would be made and as Ann noted, without the "Dollars" it does say twelve hundred and 50. Since it doesn't say cents (that is no sense) that could be the $50. In any case I'm sure it was cashed for the correct amount.

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#26477 - 08/09/02 04:10 PM Re: 7 days advance notice of withdrawal
RFitzpatrick Offline
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In reply to:

In any case I'm sure it was cashed for the correct amount.





From what I've read of some Gov't accounting, they're probably still carrying the difference as a reconciling item.
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#26478 - 08/13/02 01:36 PM Re: 7 days advance notice of withdrawal
redsfan Offline
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Which was?????????????

I guess if this compliance thing doesn't work out, I can always stay in banking as an item processor.
Last edited by pbrinker; 08/13/02 01:39 PM.
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#26479 - 08/13/02 07:36 PM Re: 7 days advance notice of withdrawal
Anonymous
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Our vendor, CFI/Concentrix/and now Harland, TIS disclosures has always included the 7 days advance notice in the LIMITATIONS section of the disclosure. No one on our bank's staff has ever questioned this requirement. I challenged the limitation in 1994 and found the language in REG D. But I have not ever been in a conversation where the topic was the reason for and application of the required advance notice. As result of this discussion, the TIS disclosure will continue to include the 7 days notice. I will also include this in my presentations during my next ABA Principles of Banking class.

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#26480 - 08/13/02 07:55 PM Re: 7 days advance notice of withdrawal
Andy_Z Offline
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When I teach new hires, managers and even senior officers, I like to ask, "If a customer asks the teller to withdraw from his savings account, can we A) give him the money which is available, B) tell him to come back in a week or C) tell them we don't think they'll spend it responsibly, so no."

Although you know it sounds like a trick question, nobody is ever sure that B is a valid answer. And they are amazed when I tell them that not only can we do it, but they agreed to it as well when they opened their savings account. And if they are not aware that the provision exists, we're in trouble if a customer questions it. They need to know it exists because it is required, not because we chose to add it.
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#26481 - 08/14/02 08:30 PM Re: 7 days advance notice of withdrawal
RVFlyboy Offline
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In reply to:

...without the "Dollars" it does say twelve hundred and 50. Since it doesn't say cents (that is no sense) that could be the $50.



The item says Twelve hundred & 50/100. Well the first question you have to ask is "Twelve hundred what? Obviously, the answer is "dollars". OK, it also says 50/100. The next question, "50/100 what? Since there is the ampersand (&), I would contend that the only possible answer to the second question is "dollars" also. And there is no way that 50/100 dollars equals $50. 50/100 dollars equals fifty cents. IMHO, the written amount on this check can equal nothing else except $1,200.50. And that does not agree with the numeric amount on the check.
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#26482 - 08/16/02 07:36 PM Re: 7 days advance notice of withdrawal
Kathleen O. Blanchard Offline

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I agree with Jim. The 50/100 is 50 cents. They made a mistake...perhaps gave Lydia the correct funds, but the check was wrong!
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#26483 - 08/16/02 07:48 PM Re: 7 days advance notice of withdrawal
Andy_Z Offline
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I don't disagree. I just find it hard to believe. And on top of that, putting it on their Web site.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#26484 - 08/20/02 02:23 AM Re: 7 days advance notice of withdrawal
Ann Offline
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I also don't disagree, but finding it equally hard to believe that the FDIC could make such a blunder, I thought there must be some rational explanation. So for those of us anxiously awaiting the "facts", we'll have to wait a little longer. I had an e-mail today from the FDIC Office of Public Affairs (A.K.A. The Learning Bank) saying they were looking into my question and will get back to me with any information as soon as possible. Ya think they made a mistake and don't know how to explain it??? Please tell me it ain't so!

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