Bio:
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.
Questions Answered
11/05/2001
I'm reading Reg CC and noticed it adressed "nonproprietary ATMs" but I'm wondering what the rules are for ATMs owned by the depository bank. Right now we have next day availability for ALL deposits and we're getting BURNED! We looking at changing some of our policies and the main change will come from the ATM side. If a customer makes a $500.00 (cash) deposit in an ATM owned by us how long can we hold the availability of that money? Same question using a $500.00 local check and a $500.00 nonlocal check (seperate deposits). Correct me if I'm wrong but in all of the above examples if the deposits were made at an nonproprietary ATM we could hold the customers fund for up to 5 business days...
11/05/2001
Is a 1098 required on a lot loan? Most information I find says the interest is not tax deductible until construction of a home begins. Some times we know about construction, some times we do not.
11/05/2001
Are there any reasons in which a stop payment can not be placed? (cause an NSF?, Blank payee?)
11/05/2001
In the past year, my Bank has experienced an increase in losses due to bad checks (mostly because holds (1) are not being placed and (2) the hold is expiring before the check is returned. Management wants to implement a new hold policy where we place an exception hold on every deposited check that is not onus. I have told them they can't do this but they won't listen even when I explained the penalties involved. Any guidance?
11/05/2001
Lucy Griffin explained to our Minnesota Bankers compliance group that we must not keep photo copies of picture IDs in loan files because of a possible Reg B violation. However, we also do this when we open new accounts (it could be helpful in cases of identity theft, or just so staff will recognize new customers). We also do it when we make a credit card cash advance for noncustomers, as we have experience identity theft there. Can we do this in nonloan situations and not run afoul of Reg B or other regs?
11/05/2001
I had a request to close a custodial account the other day that came from the childs father. My problem is, the only authorized signer on the account in question is the childs Mother. My initial response was to say no but i wanted to seek a second opinion. If it makes any difference, we are talking about illinois law.
11/05/2001
Is there a limit on how many times a check may be presented to the drawer bank for payment?
10/01/2001
What is the best procedure to follow when opening an account for a sole proprietor or someone using a fictitious name? My concern is verifying the authenticity of the name and the right of the individual to use this name.
10/01/2001
A commercial customer of ours discovered a counterfeit check in their statement and we sent it back to the bankthat deposited it within 30 days. The depository bank is refusing to charge their customers account for it because it is over 24 hours later. We sent it back refer to maker in lieu of original. This item is not only a forged signature, which in my understanding we have a year to return, it is also a counterfeit. Do we have a right to return this item? Should the depository bank charge the account that it was deposited in?
10/01/2001
Can we use a SSN for a LLC account or do they need to apply for a Tax ID Number when there is only one owner?
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