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 own a check cashing business. Our industry is faced with an epidemic of returns for duplicate presentments where a payee will deposit an image of their check (using their phone app), then bring the original to the check casher. The check casher takes custody of the check and gives cash to the payee. The check casher then deposits the check to its own account via remote deposit capture (RDC) - this is standard practice today. Keep in mind, the original check remains in possession of the check casher and does not physically go to the bank. Sometime later, the check casher gets a duplicate presentment return because the image deposited by the payee's phone app was first in time.
Now, per Check 21, the check casher's bank is the depository and is a warranty recipient entitled to enforce the warranty against the payee's bank so long as the depository (1) sustains a loss and (2) takes the original. Two part question: If the check casher's bank does not take a loss because the check casher itself covers the return, is the bank still able to enforce the warranty? And since the check casher is using RDC, even though it retains custody of the original check, is the bank able to enforce the warranty?
Where may I direct a customer in the IRS rules that if an NRA and a US citizen are joint owners of an account, that the US citizen must be the primary tax reporter?
What changes for 2019 and 2020 have been made in Regulation CC Funds Availability?
Will our bank be responsible for reimbursing the sender if a foreign remittance is credited to the wrong person’s account because the sender provided the wrong routing information?
What are the main items of information that must be disclosed before a consumer pays for a foreign remittance transfer?
Can you use "student" for an occupation on a CTR?
I just found a hoard of FDIC Quarterly Banking Profile books. I am assuming that we have kept these over the years because no one knew how long to keep them. As a rule of thumb, I have been keeping things that I am unsure of for at least 5 years. I have not found something in my department that has to be kept any longer tan that. I could not find any record retention guidance for this book. Should I trust my gut and just keep 5 years worth?
5. Does the consumer requesting a remittance transfer have to be told when the funds will be available for the recipient?
Can a lender accept verbal telephone confirmation from an applicant of receipt of the 3-day closing disclosure?
A customer placed a stop pay on a check for $1,600. The bank first processed the deposit as $16.00 so our system didn't stop it and the customer didn't realize it until several weeks later. I have looked everywhere and can't find any case similar to this. Can we return it and if so, for what reason, additional paperwork is needed?