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 moved to 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, and 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 participant in BOL Conferences events.
Questions Answered
08/02/2004
If a customer finds counterfeit checks in their statement, who is responsible for covering the checks? They use a facsimile signature and the forger/counterfeiter scanned the signature on a computer and printed real-looking checks.
08/02/2004
The filing period of a financing statement is 5 years and one of the exceptions is "Cooperative Filing - effective 50 years." For example, if we (the bank) had granted a 15-year co-op mortgage loan to the customer several years ago and filed a UCC-1 on the unit at that time, would this UCC filing be effective for 50 years and would we not have to file a continuation every five years?
08/02/2004
Will you explain to me what a Medallion signature guarantee stamp is and how it is different from a notary public?
08/02/2004
What is the latest information on the right of setoff? We have heard that there are some stricter rules. Would these apply to certificates or loans?
06/21/2004
Currently we generate periodic (monthly) statement on any passbook account that has had an EFT credit (debits are not allowed) during the month. Is this necessary? Secondly, do we need to send an annual error resolution notice to those passbook account holders who have not had any EFTs to the account during the year?I am confused by the language in 205.8(b) which states "any account to or from".
06/21/2004
I have been told that I have 5 business days to provide provisional credit to the customer when a dispute involves a Visa debit card (used as a credit,signature based) rather than the 10 business days when used as a debit (pinned based). Is that a true statement and where can I find this information within Reg E?
06/21/2004
We had a customer submit a claim for $3,500 in forged checks. The drive-up tellers saw our customer in a car with the forger on many occasions during the time these were presented. The forger also lived with our customer for a period of time. The checks claimed are not sequential so he may have been taking a check here and a check there, if they were actually stolen. Our customer is in jail now for an unrelated matter. The forger stole his car and was arrested in another state. Would this apparent relationship provide reasons to deny any claims of the forgery?
06/21/2004
We offer a free checking account with no minimum balance. How are other banks handling customers that just leave a small amount of money in the account and with no service charge it just remains with a small balance and continues to get monthly statement. Can we assess a service charge for no activity after a specified period if we disclose it? Would it still be free?
06/21/2004
We have several customers with living trusts that want to add an authorized signer to their accounts. They do not want them to be a co-trustee "just sign checks if they need them to". Is this allowed? (Some are the successor trustee.)
06/21/2004
I have had several problems with return item as well as NSF activity on a customer's account. We have started placing extended holds on the account. Do we have to make $100 available to the customer or can we hold the full amount?
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