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
05/17/2004
Let's say we have a business loan that has real estate collateral that was taken out of an abundance of caution -- 1st mortgage on a single family residence. Loan is made to an individual. Is a 1098 form needed for this business loan? I have learned from Ken Golliher’s response that the purpose of the loan or the use to which the collateral is put is irrelevant. However, our question is that, since the collateral is taken by the lender out of an abundance of caution, is it all right if we do not treat the loan as a real estate loan for Call Report purposes? (See FFIEC 031 and 041 Glossary page A-58 (6-01).)
05/03/2004
What is the correct statement language for Point of Sale transactions according to Reg E?
05/03/2004
Reg E requires the bank to provisionally credit the customer's account (with interest, if applicable) if the dispute cannot be resolved in 10 business days. If applicable, do we pay interest as of the date 1) of the provisional credit or 2)original date of the dispute?
05/03/2004
Can you put a hold on traveler's checks (cheques)? If not, are there any exceptions for depositing them to new accounts?
05/03/2004
Do both owners of a joint deposit account need to appoint a person as a POA on the account? What happens if we accept a POA from just one of the owners?
05/03/2004
My question is in regards to the Currency Transaction Report, Part 1, question 1c, Multiple Transactions. If a customer comes in and cashes two checks over $10,000.00 is it true that we do not need to check box 1c Multiple Transactions because it was all done at the same time?
05/03/2004
Two checks are cashed at different offices, each under $10,000, but which aggregate to more than $10,000. Whom do you create the CTR for if you do not have information on the identity of the non-client who cashed the check?
05/03/2004
We received two items back after 17 days, after holding for 11. The items were likely counterfeit cashier's checks, as the information on the items was for one bank, but the RT was for another. The RT bank was presented the items and returned NOI to us at the 17-day mark. The position the RT bank has taken is that they had 20 days to research the item. Both were large items, and the loss occurred from day 12-17. They were in the best position to recognize the fraud and claim that the one-day midnight deadline does not apply in this case. Is this an exception under NOI?
05/03/2004
When you have a check made out to John Smith AND his attorney Jack Jackson, Esquire, can you deposit that check into a trust account without John Smith's name on it or without verifying John Smith's signature on the back?
05/03/2004
A loan officer wants us to place a hold on funds in an account because a customer is past due. Can we do that and, if so, what sort of documentation should we have from the loan officer?
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