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
06/30/2003
If there are several signatories on a business (e.g. a store) account, must each signatory be listed in Section A (as a beneficiary) each time a CTR Form 4789 is required due to a transaction of the store which exceeds $10,000?
06/30/2003
I understand why a stop payment can not be placed on a cashier's check/official bank check, however; do the same regulations apply to a bank's expense checks used for the sole purpose of paying bills? These are signed by an employee of the bank as well.
06/23/2003
We hold a checking account for a local school district. A deposit was made to this account that included a bad check. We debited this account for the amount of that check, and also charged the account a return check fee. We were told by the signatory on the account that because this is a school district account it is exempt from such fees. Is this correct, and where can I find the rule on this issue?
06/23/2003
When we open the new account how should the customer make out the check that is to be deposited? I have been told that the customer needs to make the check out to themselves and to endorse the back of the check or make it out to cash and deposit this into the new account. This does not make sense to me, please explain.
06/16/2003
We are a small community bank and we are working on offering e-banking products. We would like to be able to allow our customers to put on a stop payment online. My questions are, what are the risk in allowing this? How long do we have to get the stop payment in our core system? For example: on a Friday night the customer puts on a stop payment. We don't get it until Monday morning. What if the check comes into the bank, such as they come directly to the teller line to cash on Saturday and we do not have it entered into our core system. Would we be liable? Do we need to have some special language on our site telling our customers that there is a delay?
06/16/2003
We are in the process of investigating Internet Banking and would like to know how transactions conducted through this product might impact Reg D transfer limitations. Are transactions done via Internet Banking considered to be "In Person"?
06/16/2003
We post periodic statements on our web site instead of emailing them. Do we have to email customers each time the statements are posted and tell them they have been posted? If they have more than one account with us do we have to send multiple emails?
06/16/2003
If a person is appointed a permanent guardian of an incompetent person and has been granted Letters of Guardianship, with the powers and duties of a general guardian, what exactly are those general duties? Are there limitations placed on what the guardian can do?
06/16/2003
We are still offering two signatures required accounts. We understand from answers from gurus that we can add verbiage to our signature cards to protect us in the future. How should we notify existing account holders that we will not be responsible if there is only one signature on a check?
06/16/2003
Should we require a customer to sign a signature card way his/her name is reflected on a driver's license, or can he/she use one or more initials or a "nickname"?
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