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#48465 - 12/13/02 06:39 PM Re: Messenger Service
MackenzieS Offline
Diamond Poster
Joined: Jul 2002
Posts: 1,722
There is a local community (FDIC) bank that posted on a billboard that they would pick up commercial deposits....I thought that was awfully brave.
Last edited by MackenzieS; 12/13/02 06:40 PM.
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#48466 - 03/07/03 07:34 PM Re: Messenger Service
Patsy Cline Offline
Diamond Poster
Patsy Cline
Joined: Sep 2002
Posts: 1,117
On the road...
I've been searching to find answers... and I found this earlier discussion. We have a courier that the bank employs. Customers can call for a pick-up or else have regularly scheduled pick ups. It involves a secured plastic bag that the customer initials. When delivered to the branch the courier initials a log.

There is no agreement. We are a National Bank.

From what I understand we are okay?

Thank you in advance!
Michelle CRCM

"What would you attempt to do if you knew you could not fail?" ~ unknown

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#48467 - 03/07/03 08:01 PM Re: Messenger Service
Andy_Z Offline
10K Club
Joined: Oct 2000
Posts: 27,763
On the Net
Have you considered your activities as compared to the discussions by Grist and Zaibatsu (where is Z any way?) and 12 CFR ยง7.1012 Messenger service, as well as 12 USC 36(j)?

In an issue this important, if you have any doubts and this is your responsibility, consult counsel.

What you describe is picking up deposits. I have not researched the finer points of this or looked for legal opinions. But this can be dangerously close to a branch without the right mechanisms in place. And while I hold the highest respect for my BOL peers, I will not go to court and log on to this forum as evidence of legal facts.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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