Ken Golliher is a principal with Pegasus Educational Services, LLC., a training firm organized in 1996 with headquarters in Louisville, Kentucky. Pegasus specializes in technical and regulatory instruction for financial institution personnel. He is an experienced banker with a unique ability to reduce complex legal concepts to plain English. He has explained the "why" and "how" of regulations to thousands of financial institution personnel and examiners. Ken's banking career began in 1972 and includes serving as a teller, commercial operations manager and as trust department legal counsel in a state and a national bank. For ten years he headed the education division of a regional consulting firm for financial institutions. He has served on the faculty of the LSU Graduate School of Banking, the OTS' Level I Compliance School and the FDIC's Advanced Consumer Protection school for examiners. Ken has also been an instructor at compliance schools sponsored by the Illinois, Georgia, Indiana and Nebraska bankers associations.
At what point would a CTR be filed for a Reg E dispute claim which states that over $10,000 in cash was deposited in the ATM? At the time a provisional credit is posted to the customer's account or at the time the Bank decides to make the provisional credit permanent, which could be 45 days? What business date is then used for the CTR, date of deposit in the ATM, provisional credit date, or permanency decision date?
We are needing to know what an expired W-8BEN means to the bank, is it a big deal? If so what should the time frame be to get a current W-8BEN from the customer and what should the consequence be if the bank does not receive one?
Reclamations from the VA and SS are arriving late - funds are gone, the joint owner (spouse) already withdrew the funds. We fill out the notice when it arrives and explain "no funds." then months later they pop back in withdrawing the funds. Have you had any success in fighting this?
Can we offer a Money Market account, but restrict withdrawals to face to face transactions or transfer to another account within our bank? That would mean no access to withdrawals by check, ACH or debit card.
Regarding CTR forms, what is the definition of "Shipment" on box 24c "Mail Deposit or Shipment." Looking for clarification of when this would be utilized?
If Bank receives a copy of a DL for a Beneficial Owner that has a different address than supplied on the collection form or the Bank is only provided a passport with no address, would we need to collect other documents to prove address and/or social? I feel like we would be criticized for only being able to verify two out of four pieces of identification.
I have a few questions about the 5th Pillar. My questions are:
- Do we need to collect the percentage of ownership of each person signing or just know that all those signing are over 25%?
- What’s considered a ‘new customer’? If the same business already has a DDA account with us, can we use the same form already filled out or do we have to have them fill out a new one?
- Does this apply to existing and new customers ie. if a change is made to an existing DDA for a business that’s been with us for 100 years, do we need to fill one of these out for them?
How would you define reasonable notice used in the following terms and conditions disclosure? We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Reasonable notice depends on the circumstances, and in some cases such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective.
It was recently brought to my attention some of our tellers have been assisting a commercial customer by carrying out bulk coin to the customer's car on change order days. Although I commend the tellers for going the extra mile, I view this as a security and liability risk. Is this gesture a common and acceptable practice?
I'm not sure what this falls under, but I have a question about safe deposit boxes. I have always been told that if you have a safe deposit box joint with someone else and you wanted to remove their name from the box then you could do so. Is this not something you can do? I know you cannot remove a joint owner from a checking, savings, etc.