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#47746 - 12/09/02 10:04 PM MAILING CD INTEREST CHECKS
Anonymous
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We have a customer who has moved out of state and is upset that he is no longer receiving his CD Interest check on the day it is due. He claims he has the time and money to bring us down and claims to have submitted his complaint to the Federal Examiners in Philly. Are there regulations requiring the bank mail checks within a certain timeframe?

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General Discussion
#47747 - 12/09/02 10:13 PM Re: MAILING CD INTEREST CHECKS
straw Offline
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straw
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I am not aware of a regulation that requires the check be received on a certain day, especially since you cannot control the vagaries of the US mail.

Have you suggested receipt of the payment electronically via ACH?

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#47748 - 12/09/02 10:14 PM Re: MAILING CD INTEREST CHECKS
BANNED BY BOL MANAGEMENT Offline
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Just like anything else that goes out of the bank, e.g. deposit statements, loan statements, etc., the bank logically has a reasonable time to forward checks, etc. to customers. Offering him a clear opportunity to credit a local account that he can draw on the day an interest payment is due is about the only offer you should make.

As far as the regulators are concerned, he has no case. They will get a kick out of the compliant, especially if he mentions that he is going to spend money and time bringing the bank down. That's a little mental!

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#47749 - 12/09/02 10:39 PM Re: MAILING CD INTEREST CHECKS
Anonymous
Unregistered

Currently, we do not have an option to ACH his payment to another bank. We have offered to open him a free checking and change the interest to transfer into that account. He does like using ATM cards and refused to entertain the idea.

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#47750 - 12/09/02 10:43 PM Re: MAILING CD INTEREST CHECKS
Michelle M Offline
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Michelle M
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Grist - Tee Hee Hee...

Straw makes a good suggestion. I would make sure checks are cut in a reasonable fasion/time, and assuming that is in order, tell the customer you have no control over the Postal Service and would he like his interest via ACH.
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Michelle M Opinions do not necessarily reflect those of my employer nor are they legal advice

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#47751 - 12/09/02 11:06 PM Re: MAILING CD INTEREST CHECKS
BANNED BY BOL MANAGEMENT Offline
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I would not even offer ACH, as originating an ACH is a complex chore, especially in a small bank environment, but if you are already set up to originate ACH entries, I suppose that is a viable option.

I'd stand firm with the mail or free account option. I suppose that you could personally deliver the check each month, as this sounds like a wonderful person to visit!

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#47752 - 12/09/02 11:13 PM Re: MAILING CD INTEREST CHECKS
John Burnett Offline
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John Burnett
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Cape Cod
Only if he pays your way and he lives in Hawaii!
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