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.
We received a call from a customer's child asking for information about a safe deposit box in name of our customer who is now deceased. This person
was listed on signature card but never signed it. Should we give him any information regarding the closing of the box?
We paid an ARC entry that was created from our cashier’s check. We’re concerned the original check might also be presented. Can we stop payment on the check?
How would I complete a CTR for an estate? The Trust Dept. opened deceased customer's safe deposit box and found $75,000 in cash. Funds were then
deposited into a trust fund. I know the trust employee will be the transactor but how do we handle the "on behalf of"? Do we just put customer's name even though he is deceased? There's no where to put "The Estate of ..."
We have a customer that we suspect may have several fraudulent checks written against her account. How long does she have if they are fraudulent,
to sign the forms that they are fraud?
Who are the consumers the Payday Loan rule is designed to protect?
One of our consumer customers overdrew her account and we returned the check unpaid. The payee converted it to a re-presented check (RCK) ACH entry that we paid. Our customer claims the ACH entry wasn’t authorized. Should we handle her claim as a Regulation E error claim?
What are your thoughts on a sole proprietor using a personal joint account for business transactions? Merchant deposits and payments are going in and
out of the account (less than 15 transactions a month). We have insisted that our customer open a business account for his sole proprietorship. Is it
wrong for us to require it?
Can disclosures and notices be provided electronically under the Payday Lending regulation?
Is a creditor subject to the Payday Lending Rule permitted to receive payments by ACH transfer?
For the Reg CC RDC indemnity, it states; "(2) A bank described in paragraph (f)(1) of this section shall indemnify, as set forth in § 229.34(i), a depositary bank that accepts the original check for deposit for losses incurred by that depositary bank if the loss is due to the check having already been paid."
We have a customer which is a business offering check cashing and it makes deposits via remote deposit capture. I am confused over the liability and timing of paper vs. electronic deposits, duplicate items and will restrictive endorsements influence liability?