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John Burnett

John Burnett
Bio: 

John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.

John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.

He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events.

Contact info: 

You may contact John via email at jburnett@bankersonline.com.


Questions Answered

Reg E Fraud- EFT Claim

05/02/2021

We have received an EFT claim where the customer allowed the girlfriend to use his debit card to pay his bills while he was in the hospital for a month, Nov 23 - Dec 23. Unfortunately the girlfriend did not pay bills, she helped herself by using FB Pay and transferred about $9,000 to herself. Customer gets out of the hospital and girlfriend will not let him have access to his phone, the bank, or anything as she is the one "taking care of him". Finally, if the story is true, he managed to get out of the car while near the bank when she was driving, parked at a stop sign. He then learned why she wouldn't give him any of his account info. Even though she exceeded her authorization he granted, the customer is liable since he gave her authorization, correct? My concern is more so about the transactions that occurred after Dec 23, as she continued to use the account. He took his card back on Dec 23 when he got back home; however, the information was stored in the device for the P2P transfers and she continued to use it through January. Are we liable for those transactions? Is it a concern that the customer was unable to contact the bank since he was hospitalized? He was unable to contact us even after he got home because she wouldn't allow him access to his phone. What do you suggest we do on this claim?

Check Converted Into ACH-Check Also Cleared Account Much Later

04/25/2021

We had a check post to a customer's account on 1/28/2021 and they brought to our attention in late February that this check had already paid on the account on 9/28/2020 as an ACH check conversion. It is too late to return either item so how would this be handled? Would we need to get with the ODFI of the ACH to see if they would return the funds to us in good faith?

CTR Completion Updates- Multiple DBAs

04/11/2021

After watching the Top Gun conference pertaining to CTR completion updates, my collegues and I were discussing how we are doing CTR’s with multiple dba’s. Today the system adds both of the entities under one Part 1 of the CTR with a semi colon separating them. Now we understand if we say we have already implemented the ruling then we need to a separate Part 1 for each of the dba’s? This will be a lot of manual work and just want to make sure we understand the update correctly.

Extending repeatedly overdrawn status

03/14/2021

If a depositor who was repeatedly overdrawn continues to be repeatedly overdrawn during the six months they are subject to the repeated overdrafts exception hold rule, can we extend their repeatedly overdrawn status?

UTMA deposits

03/07/2021

If the custodian under the UTMA has his/her own deposit sent to the UTMA account (for example, direct deposit of a tax refund), should we return that deposit?

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