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.
You may contact John via email at jburnett@bankersonline.com.
09/02/2002
We have an issue where a check that was issued 2 years ago has hit our customer's account. There was no stop payment ever put on this item. The item was brought to our attention when our customer received his bank statement, so the time frame (24hrs) to return the check as stale dated had expired. Is the Drawee bank liable for a stale dated check? What is the law on stale dated checks?
09/02/2002
On dormant accounts if the bank already charges dormant accounts fee, is it okay to charge minimum balance, and hold mail fees. If so, what is the purpose of the dormant account fee? Furthermore is there any regulation I could look into for guidelines?
09/02/2002
Could you tell me if a Bank Customer must have a "Power Of Attorney" which was drawn up by an Attorney, or can they purchase a blank legal form ("Power Of Attorney") form an office supply store - fill it out - have it notarized and legally use it at a financial institution.
09/02/2002
While checks payable to a business must be deposited to that business's account, our bank has been allowing signors on a business account to transfer funds to their personal account. Business customers must reconcile account and report problems, I think this situation could lead to losses for the bank and/or the customer.
09/02/2002
1)Who is the owner of a POD account? 2)Who is the owner of a custody account? Can a custodian use the money? If yes when? How? 3) Education IRA - Who is the owner and who can open this account and when can the balance be used? There's a maximum contribution of 500.00 year. Is it tax deferred?
09/02/2002
Any insight as to how a financial institution will have to deal with the Amish. They will obtain a tax ID number if you insist that they get one, but they refuse to have their picture taken and therefor do not carry any photo ID (such as a State ID card).
09/02/2002
I need to know procedures to properly complete any kind of CTR. Help!
09/02/2002
Can a Limited Liability Company have a beneficiary on their checking account? The LLC is owned by only 1 person and would like his ex-wife as the "POD" on the account.
09/02/2002
Our bank is considering extending the hours for our Safe Deposit area. Must we notify all our renters, or is a sign sufficient for communicating the change? (Having been to a few of Dave McGuinn's seminars, my bank is sufficiently paranoid about Safe Deposit Box issues!)
09/02/2002
Do you have to collect gov't monitoring information if the loan is to a nonprofit for community development purposes. Should you record information on the signers for the nonprofit.