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.
We post ACH at 6:00 a.m. if a customer's ACH is negative it will be returned. My question involves when the customer makes an online deposit prior to the item actually being returned. The money is then available in the account to pay the item. Are we still able to return it NSF even though a deposit has been made into the account?
Can a jointly owned checking account have an authorized signer(s)? An example being, an elderly lady in poor health has an individual account. She wants to add a daughter (who lives out of state) as a joint owner. She also wants to have a son and another daughter (both live closer) added as authorized signers. Is this allowed and does it matter we are in Missouri?
If a mother allows her son to use her debit card and PIN, then another day the son takes the card and withdraws cash from the ATM (which we have video of him) and the mother does not want to press charges, does she have dispute rights? Can we the bank require the police report in order for her to make a claim? She says he does this all the time and he lives with her.
I am wondering if it is against regulations to place a 10-day hold on a check? I always thought we couldn't go past 9 days. Please refresh my memory!
If the money is not available in the deceased customer’s account and no estate account exists with the bank, is the bank still liable for reclamations from Treasury?
Would it be smart to seek out beneficiaries and/or successor custodians to reduce your abandoned property burden...or would that create a GLBA privacy violation?
How long does it take for Social Security to act after a Social Security beneficiary dies?
I have a customer who would like to set up his account to transfer to a trust upon his death. He has provided us a copy of a will, which is not valid until approved by the court. Is this something that we can do?
Can a bank that generally makes check deposits available the day after the deposit decide not to make case-by-case holds but employ exception holds when needed?
If a creditor inquires about a debt owed how would it be handled with the Privacy Act?