04/27/2025
Do banks have a legal obligation to respond to verification of assets for Medicare or public housing? If so, is there a hard and fast rule for a response timeframe. We try to respond timely out of courtesy for our customer base, but the requesters have become increasingly aggressive and pushing for immediate responses. Due to the volume of requests and our limited staff, it is difficult to fulfill all of them the same day that they are received.
04/27/2025
The payments transformation express train took off on March 25, 2025, when the White House issued an
04/20/2025
I have an LLC with two members. One member has sold out to the other member. Does the LLC need to get a new EIN and account or can it keep the same EIN and account?
04/20/2025
I am looking for the time frames for debit card disputes, not in regard to Reg E, but Mastercard rules.
Customer filled out a dispute form for fraud on 1/25/25. I input it to our processor [omitted] 1/27/25. Today (4/1/25), the merchant has done a rebuttal rejecting the dispute. I opened a case with [vendor name omitted] stating the merchant is outside the 45 days window to respond. They didn't process the chargeback to the Merchant until 2/15/25 (they state they have 120 days to do this-they are within the time frame) which i was under the impression that is as far back as I could go if we were to go back farther than the 60 days past statement receipt, not how long [vendor name omitted] has to process the dispute I opened. Either way if they go by my date of 1/27/25 or their date of 2/15/25, 4/1/25 seems to be outside the 45 days window. I am looking for a table or guide with timeframes to help with disputes please.
04/13/2025
April is Financial Literacy Month - how is your bank celebrating it?
04/13/2025
If a customer requests to close an account with a balance under $100, would it be a best practice to issue a cashier's check, or could we just have the customer sign a closing ticket and note that they took cash?
04/13/2025
I have a single member LLC that is not a disregarded entity. I have an EIN letter that says single member. Should my signature card show Single Member LLC or LLC (LLC tax classification)?
04/06/2025
Our bank has taken a "no" stand on banking MRBs, however we recognize the "Tier III" category identifies some types of businesses that may provide services to a Tier I MRB. An example would be a container manufacturing company that may sell containers to a Tier I MRB as only a small percentage of their business. Does anyone use an allowable percentage of revenue to determine if this is within your risk tolerance?
Also, is there an allowable threshold for direct sales of cannabis products in the states that have legalized use? (For instance, a liquor store or distributor that sells beverages with THC, since that is becoming so common).
04/06/2025
Are banks legally obligated to perform credit checks when H-2A workers apply for a basic bank account? Our banks serve large agricultural communities where farmers frequently hire foreign workers through qualified programs. Since most H-2A workers do not have established credit histories, we’re curious whether conducting credit checks is standard practice or if alternative verification methods are commonly used.
04/06/2025
Spring ushers in the heightened risks of volatile weather that can disrupt lives, businesses, and entire communities.