04/02/2007
Our internal auditor has asked for our "current ACH Origination Agreements that clearly states that the originator is liable for complying with AFAC requirements." Where would we obtain this document? How can we monitor compliance from all the ACH originators?
01/29/2007
When placing a stop payment on a check, how many days is the hold if the customer only gives a verbal authorization? Is it the same amount of days for ACH items?
01/22/2007
When a financial institution is sent a reclamation from the government for a deceased client are we required to send what is requested, even if the money is not in the account, or can we just send what is currently available in the account?
01/02/2007
If a customer issues payment from their account either by check or ACH, which is returned as NSF, what is the maximum number of times that the item can be represented for payment from the account? By check, ACH and combination of both.
12/04/2006
Our bank currently advertises a "Totally Free Business Checking Account." This account has no minimum balance requirements, and no transaction fee assessed to the account for the first 500 transactions (including checks paid, checks deposited, ACH debits and credits). If customers go over the 500 items, a per item processing fee is assessed. I've read the official staff interpretation of Reg. DD and I don't think that we can advertise this account as "free" or use "free" in the name of the account if we charge a fee when consumers exceed a specified number of transactions. Am I correct?
11/06/2006
Are regular/youth savings accounts subject to the same "consequences" of exceeding limits as Money Market accounts? In other words, if transaction limits are exceeded for a regular savings account, does that account have to be closed? In my previous experience, we have charged the customer a pre-set over-usage fee but did not close the account.
09/11/2006
We're being requested by the US Treasury to handle, over the telephone, amongst other things:* non-receipt of ACH credit claims, * request for account ownership info, and others that they want to give to us. We do not have to resolve the actual issue real-time over the phone but at a minimum, take in their claim/request. They're referring to the Social Security Act (Section 1441, Title 26, Title II the Railroad Retirement Act of 1974 and the Right to Financial Privacy Act (12 U.S.C. 3413 (K)) and saying that we're required to comply. Are you familiar with this and what are we required to do?
06/19/2006
How long do we have to return an unauthorized telephone check? It's not an ACH, but an actual check.
04/24/2006
We are seeing an increasing number of drafts come through on savings accounts, including a few fraudulent items which we were not able to identify as fraudulent within 24 hours. In our depositor's agreement we state that "We may refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit..." Operationally, we have discovered a way to identify the drafts drawn on savings accounts the day they come in. Can we legally say that we do not accept drafts on savings accounts and return any that come in?
04/03/2006
What are the rules for a paper draft initiated by a telephone request? We had a customer on 3/7 approve a draft for 3/31 and it was debited on 3/9. We returned it unauthorized per the customer. It is not an ACH TEL so what are the rules on this?