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John Burnett

Bio: 
John has been BankersOnline's resident expert for more than 20 years, serving as Executive Editor and frequent presenter in BOL's suite of events. Burnett joined BankersOnline in 2004. 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 and participant in BOL Conferences events.

Contact info: 

You may contact John via email at jburnett@bankersonline.com.


Questions Answered

Is there an exception to the NOW account rules that would allow a corporation acting as a fiduciary to have a NOW account?

10/28/2002

I have a corporate customer who is a nursing home. They have asked for an interest bearing account to be used as a trust account for their patient's money. They stated that they are required by their state regulators to maintain an interest bearing account for these funds, but they must be able to release patient funds on request. Therefore, they have more than three third party checks in every statement cycle. This precludes them from being able to have a money market account and their corporate standing keeps them from having a NOW account. My question is, "Is there an exception to the NOW account rules that would allow a corporation acting as a fiduciary to have a NOW account?"

MMA Accounts: How do you count phone transfers?

10/28/2002

We are in the process of setting up our Interactive Voice System and the questions that came up was: Will transfers done by customers from their MMA be counted as one of the 6 transfers or is it handled as unlimited? How are other banks handling this?

MMAs, Counting Transfers, and Returned Checks

10/28/2002

My question is with regard to money market accounts. Our compliance officer maintains that returned checks and their fees must be counted. I say they do not. How can we count a check that the customer has deposited in good faith, and yet is returned. And to top it all off, turn around and count the service charge. Please clarify.

Reg E & Zero Liability

10/21/2002

We provide Reg. E disclosures for banks. Recently one of our banks was examined by the FDIC and cited because of the MasterCard debit card liability limits. The bank uses the MasterMoney debit card and the zero liability language provided by MasterCard was included in their Reg. E disclosure. However, the FDIC says that the conditions required to be met for zero liability violate Reg. E because they are more restrictive than the regulation. We have, of course, contacted MasterCard as well as the Federal Reserve Board regarding this issue.

Certificate of Compliance & Local Authorities

10/21/2002

Per the recommendation of information found on BOL, I utilized the "Certificate of Compliance With the Right to Financial Privacy Act of 1978". Our local authorities have been advised from their managing associate judge to refuse to sign this form. Can you give me suggestions?

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