Notification Once Deposit Account Becomes Dormant
09/24/2012
How many times and how often must a customer be contacted/notified once a deposit account becomes dormant?
Brian Crow is Executive Vice President at Thomas Compliance Associates, Inc. in Chicago, IL. Brian brings 20 years of prior banking experience to the consulting field. He was most recently Assistant Vice President and BSA Administrator for a suburban Chicago bank, where his responsibilities included preparing the bank's annual BSA risk assessment and audit documentation. Earlier as Operations Officer at the same bank, Brian monitored AML activity, aided in the implementation of the bank's AML software, and designed the bank's authentication blocking program that helped to reduce debit card fraud losses by 95 percent. Brian's responsibilities also included managing the bank's Regulation E claims, managing the bank's courtesy overdraft program, reviewing Reg CC hold notices for accuracy, and processing claims for fraudulent signatures and endorsements.
Mr. Crow has been, and continues to be, an education consultant for BOL Learning Connect, conducting webinars that have covered VISA/MasterCard chargebacks, debit card compliance and fraud prevention for hundreds of banks. It was in this role that Mr. Crow was recognized as a Bankers Online Guru in 2011.
Like many of us, Mr. Crow began his banking career as a teller, working his way up to head teller and then branch management responsibilities. He earned a B.A. degree in Theology from Concordia University, River Forest, Illinois. Because of his education background, Brian has been given the unofficial title of "Security Evangelist" as he strives to help financial institutions protect their bottom line from losses related to fraud.
See all Upcoming and On-Demand training presented by Brian.
You can contract Brian at b_crow@tcaregs.com.
09/24/2012
How many times and how often must a customer be contacted/notified once a deposit account becomes dormant?
09/17/2012
A customer completed a dispute form for an unauthorized Visa transaction. Per the customer, she paid cash and only provided the merchant her debit card number as backup. The card was not supposed to be charged. I received a report back from the chargeback center stating that there were no chargeback rights unless receipts were submitted and an explanation of any differences in amount. I asked for a document retrieval to see if the customer had signed a contract. I was contacted today and told that it was a card not present transaction so there were no documents to retrieve. I cannot get the customer to contact me regarding receipts paid. What are my options under both Reg E and Visa rules?
09/17/2012
A single owner checking account died,can his surviving spouse have any of this money (she is not an owner or a signer)?
09/17/2012
A customer used her debit card to rent a car. She decided to not purchase car insurance for her rental, which then got stolen. The rental agency has charged her debit card for over $3,000. She has now filed a dispute claiming she did not authorize the car rental agency to process that charge. Does the bank have to take that liability?
09/17/2012
A business makes a cash deposit of $17,000. They then cash $2,500 worth of on us checks made payable to the business. Does the CTR show both the $17,000 cash in and the $2,500 cash out? Just the $17,000 cash out? or a net cash out of $14,500?
09/10/2012
Are there any rules about issuing debit cards on guardianship accounts? We have a guardian that wants us to issue debit cards to both the guardian and the ward. Are there any restrictions because of the account ownership?
09/10/2012
Does a bank have the right to revoke debit card if customer abuses overdraft privilege with it?
09/10/2012
We have a card claim and the resolution came and went. We finalized on the resolution date but missed that the customer received a refund from the merchant. The customer received credit from the merchant and the bank. Even though we are past the resolution date, do we have right to collect the money that we overpaid?
09/10/2012
On August 3rd a mistake was found by our accounting department that occurred during conversion in March. 42K of legitimate signature and PIN based debit card transactions occurred during this time that the bank failed to debit customer accounts for. The bank paid the network (STAR) that paid the gas station for the transactions. However, the bank did not debit the customer accounts for the purchases to clear the transactions. Can we, at almost 6 months later charge the customers? I feel we can but we also need to consider possible customer effects of NSF, closed accounts, customer service problem, reputation risk, etc. Our main question is can we process the debits? We will handle the rest.
09/10/2012
If an existing checking account customer wants to open an additional checking account, do we need to run a credit report on them?