APY Calculation Tools
09/02/2002
Are there any available APY calculation tools other than the one the OCC has? We have some savings statements that are mailed semiannually and the OCC calculator does not allow entering that number of daily balances.
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
CTR Exempt Person Forms For Corresponding Banks
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Do you know if the IRS required CTR exempt person forms for corresponding banks needs to be completed each year?
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Is an LLC with a "sole member" eligible for an interest earning NOW account?
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Can a joint account also have authorized signers who can added and deleted by either owner?
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ARC Entries, Retention Requirements, and Advice For Customers
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We recently trained our employees on the new ARC entries and what to tell customers when one of their checks is converted to an ACH entry. It is my understanding that the originator is required to retain a copy of the source document (the check) for two years from the settlement date. The originator is required to send the RDFI a copy in the event our customer requests it. We obtained this information from the NACHA operating rules. My concern is that customers often need their cancelled checks or copies more than two years after they clear. What about in the case of an IRS audit? What do we tell these customers?
Designating A Successor Custodian For A Minor
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VISA Check Cards For Business?
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Can businesses other than soleproprietorships have Visa Check Cards?