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#2248866 - 02/08/21 06:54 PM Account Opening - Phone Deposits?
Compliance NABW Offline
Diamond Poster
Joined: Oct 2015
Posts: 1,669
Does anybody know of any reason a depository institution wouldn't be able to use a phone initiated electronic transfer to initially fund a deposit account?

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Deposits and Payments
#2248878 - 02/08/21 08:02 PM Re: Account Opening - Phone Deposits? Compliance NABW
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,722
Illinois
This is more of a "can vs. should" discussions.

You've got 60 days from the date you originate a TEL debit to an account for that charge to come screaming back as unauthorized. The risk of fraud is significant.
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