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.
07/15/2002
What Reg covers adverse action when the applicant is a business with gross revenues of $1 million or less and a business with gross revenues of more than $1 million. Also, what part of the Reg?
07/01/2002
What is the difference between a cashier's check and an official check? I can't seem to find a straight answer. We need to know if we should give immediate credit for these, cash them with no fear, or should we treat them as normal checks and put holds on them.
07/01/2002
What are the laws surrounding when an employer can stop payment on a payroll check, and what are the obligations of check cashers prior to cashing the check?
07/01/2002
If a transfer is conducted through on-line banking product, do the periodic statement requirements <a href="http://www.bankersonline.com/regs/205/205-9.html">(205.9)</a> of Reg E apply?
07/01/2002
If interest on a 10 month certificate of deposit is paid at maturity, is it considered "compounded"? Should the account disclosures reflect the APY the same as the rate?
07/01/2002
<a href="http://www.bankersonline.com/compliance/gurus_cmp060302d.html"> Regarding answers by John Burnett and Ken Golliher</a> on holds on credit card checks and insurance drafts, if our policy (Reg CC) provides for casebycase holds and we don't need a reason to place, then we would be free to place a 2 or 5 day hold on these items? Is this a reasonable understanding?
07/01/2002
How do you handle when a customer has too many transactions on a statment savings account? Do you close the account, change it to a noninterest account?
07/01/2002
I am looking for a training tool or IRS publication that covers TIN compliance. This would cover how to properly enter the names of individuals, businesses and trusts along with the corresponding TIN to avoid "B" notices later. I currently have a copy of a training tool that is eight years old and the consultant that created this reference guide is no longer in business.
07/01/2002
I'm curious about a business "complex trust" based on the formation of a "NonAligned Pure Trust" which presents an "Indenture of Trust document protected under the Fourth Amendment" and listing a "Trust ID Number" NOT issued by the federal government.
07/01/2002
We have a noninterest bearing account designed for "civic associations" e.g., girl scout troop #25; north metro soccer league, etc. Most of the time, the individual opening the account for this association wants to use their own social security number as the tax ID on the account as opposed to applying for a TIN in the name of the group. My CEO wants us to allow customers to do this so that it is "easy for the customer". These are "obviously incorrect" tax ID numbers in that the name of the account and the name of the individual do not match. Is this a problem?