Do cashier's checks become stale dated?
06/16/2003
Do cashier's checks become stale dated?
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.
You may contact John via email at jburnett@bankersonline.com.
06/16/2003
Do cashier's checks become stale dated?
06/16/2003
What are your thoughts on allowing any authorized signer on any type of business account (SP, Partnerships, Corporations, Non-profit) to cash checks made payable to the business (without making a deposit) and/or make deposits with cash back?
06/16/2003
A customer has currently placed stop payments on two of the customer's checks to the same company. The checks were returned to the company through the Fed. Today the company sent an ACH withdrawal to the customer's account for the combined amount of the two checks. Can they do this? We sent the ACH back to the company.
06/16/2003
We are preparing to change the way we processes ATM deposits. Currently they are available immediately. The specifications will be changed so that those funds will be posted on the next day's business after verification. What is our responsibility for notifying the customers of this change?
06/16/2003
We have a customer who is in the car wash business and been with the bank 18 months. He routinely makes cash deposits over $10,000. We would like to exempt him. However, as he opens new locations, he puts each one under a new TIN. For the new locations (new TIN and new account number), do we have to wait 12 months on each before we could exempt the accounts?
06/16/2003
I recently visited a retail chain that issues credit cards, and noticed a sign posted near the payment center. The notice stated that beginning April 11, 2003, the retailer would be required by the Federal Government to implement a $350.00 limit on the amount of currency it could accept as payment on a credit card account during any 30day billing cycle. Apparently, this change is part of the USA PATRIOT Act. Could someone tell me where, or in what section of the USA PATRIOT Act is this limit is mentioned?
06/09/2003
Our President wants to implement a different type of early withdrawal penalty structure. For example, for CDs of 1 year or less, the penalty assessed would be 3% of the amount withdrawn. For CDs of maturity of greater than 1 year, the penalty assessed would be 6% of the amount withdrawn. If we are able to get our data processor to support this and our documents and disclosures to correctly disclose this, do the regulations allow us to use such an early withdrawal penalty structure?
06/09/2003
Can the renter of a safe deposit box put their children on as co-renters of the box, but stipulate that all children must be present to enter the box, but the parent/renter can enter alone?
06/09/2003
We have accumulated many accounts that are "no address" accounts. These have accumulated due to the customer not keeping us notified of a new or forwarding address. At one time, most of the accounts were service charged over a period of time and closed on their own due to a zero balance. Since that time, we have merged our regular checking product into a product that doesn't have a monthly service fee, therefore, most of the accounts are no longer service charged and would stay at their current balance (63% of them have less than $50 on deposit) until the funds would be escheated. NOW... the question....we are exploring the opportunity of implementing a service fee for "no current address" accounts. Our initial discussion with compliance was that we could implement that fee to all future "no address accounts" but not to the existing ones since we couldn't truly "Notify" them of the adverse change. I want to wholeheartedly disagree with that since we did disclose at the time the customer opened the account that it was their responsibility to notify us of any address changes.
06/09/2003
I had a customer asking about FDIC insurance coverage on a business account. Is the coverage the same as on a regular personal account, or are there some differences?