11/30/2009
Our bank has several expense checks outstanding that have not cleared. We have contacted some of the vendors to whom the checks were issued, and they have no record of an outstanding balance or of a missing check. Are we allowed to simply cancel the checks and credit them back to the expense accounts from which they were charged? The checks have no notation stating that they are not official checks. I checked this out last year on a couple of these checks, and I believe the answer was no, since they are official checks of the bank and had been converted. It may have been suggested that we have the payees file claims for the lost checks and then remit the funds back to us as credit on our accounts; however, I can’t find my notes on the subject.
09/14/2009
Why would an individual want to open a revocable trust account? Does a living/family trust protect a senior citizen’s assets? Why not just a CD with a co-owner or beneficiary?
07/20/2009
Our financial institution received a letter from another financial institution requesting a credit for an encoding error that happened in October, 2007. Back in 2007, we contacted this institution, and they let us know that they did not need the credit. Now, in 2009, we have already written that amount off. What regulation and section governs the timeframe of collection of check adjustments? I'm pretty sure it is a year, but I want to know exactly where it says that.
05/11/2009
We have an account with a POA and the principal has died. The account remains open, but checks written by the POA are still clearing two weeks after the death of the account holder. It is very likely that these checks were written after the date of death. Is there anything we can do? Do we have to pay the items?
04/27/2009
A customer wrote a check for payment and later came into the bank to place a stop payment. How do we treat the item if it is presented for payment converted to a BOC, POP or ARC? Should it be returned as an ACH stop payment with Reg E then being applicable? If a check is converted to an ACH with the amount altered and the item will be returned as unauthorized will it be treated as a Reg E claim?
03/30/2009
Does the Federal Privacy Act prohibit a bank from verifying funds for another bank if a customer presents a check drawn on a customer's account?
03/16/2009
When it comes to a URCC (unauthorized remotely created check) claim, is the paying bank responsible to give immediate credit to its customer while attempting to collect from the depositing bank? What is the normal time frame a paying bank should expect from the depositing bank to work the claim and either provide credit or proof of authorization?
03/02/2009
We check all items over $25,000 for proper endorsement. Is this necessary or is the first bank of deposit responsible for any missing endorsements?
03/02/2009
The appearance of "triggering terms" in a HELOC ad require the disclosure of a maximum rate, but there is no mention of a floor rate. If a HELOC has a floor rate, must it be disclosed in an advertisement? If the floor rate has a range, must the range be shown and the criteria that could affect a borrower's specific rate be mentioned?
01/26/2009
We would like to start advertising commercial loans (newspaper ads)...what should be included in the advertisement?