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.
Questions Answered
10/21/2002
I am preparing a new advertisement promoting our bank check card. The idea I have is to use a photo of a man and a woman. The picture shows the couple holding a card and it appears that they are making a telephone purchase. The caption says “Looks like a credit card. Works like a check.” Is there anything wrong with using people in bank ads? Someone suggested to me that it may flag discrimination issues if I don’t include a “mixed group”. Have you heard anything like this before?
10/21/2002
The USA PATRIOT Act requires us to retain a "current" copy of ID from all customers that open another account. Do we need to keep track of when that ID will expire and ask the customer for a copy of the new renewed ID?
10/21/2002
Does Reg O apply also to the spouses?
10/21/2002
Where can I find requirements pertaining to a fee charged at our ATM for noncustomer use? Must we display the charge on a sign attached to our ATM?
10/14/2002
What specific legal documents are we required to keep in our BSA exempt file for correspondent banks and government entities?
10/14/2002
Can a customer who is a business have unlimited deposits from a credit card processor deposited to their savings account?
10/07/2002
Can you tell me if it's legal to store a handgun or cash in a bank safe deposit box. If not why?
10/07/2002
The following comment was included in a response to Overdraft Privilege Accounts. "On average, the majority of bank customers either does not qualify for, or chooses not to apply for a line of credit. Included in this number are many customers who do not have savings accounts or other excess deposits at the bank to qualify them for sweep transfers." Question: It is my understanding that you can only have a limited number of preauthorized withdrawals from a savings account. How can a statement savings account be used for a sweep vehicle?
10/07/2002
What is the responsibility of a bank if it receives a personal tax levy and the individual is involved with a business account as a sole proprietor, partnership, or authorized signer?Please advise or give some direction as to where I might find some information to provide guidance.
10/07/2002
I recently did a levy on a customers account. He is now claiming that it was Social Security deposits and we have no right to perform a levy against it. Once it is in an account though, how can we distinguish the difference. Please advise what we are supposed to do?
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