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.
I was wondering if you could point me in the right direction as to where to find more information on compliance for paper checks? Whenever I place a stop payment on a paper check, there's a disclosure that says "this request will expire in 6 months in order to comply with regulatory requirements." For the customers who ask for a more in-depth answer, what can I tell them?
Are direct deposited federal tax refunds covered by the Garnishment Rule?
Does a customer need a reason for stopping payment?
I am wondering if the final rule in Reg D (effective 7/29/2021) regarding transaction limits would still be at the institutions discretion on whether or not they would enforce a limit or not?
Is there an easy way to distinguish between direct deposits covered by the Garnishment Rule and direct deposits that aren’t covered?
Mutilating the MICR line of a check doesn't help in the Check 21 environment. So what do we do to prevent a stopped check from being presented again?
If we get a claim that one of our cashier’s checks is lost, and pay the claim before we have to, what would happen if the original check shows up and we returned it as a “stopped payment”?
What are ways we can mitigate check fraud risk at proprietary ATMs that take deposits?
Can a depositor stop payment on a check that overdraws her account?
Is there a compliance issue anywhere stating financial institutions shouldn't list full account numbers in their online bank programs?