I have someone that entered their debit card for Apple purchases. They are claiming that they only authorized a few transactions and the rest are fraudulent (even though there are "authorized" transactions in the middle of the "unauthorized" transactions). Is this customer covered under Regulation E? They are claiming these charges started back in January 2020.
What avenues of recovery are there for an issuing bank where their customer is killed abroad, and fraudulent transactions are made by the perpetrator after the killing and subsequent theft? The killing occurred 26 days ago, and the transactions occurred the day of the killing and the following day.To make matters worse, the card used was a MasterCard debit card, and the perpetrator somehow obtained access to the PIN.
We have a question on garnishment/levies. If we receive one do we need to verify they do not have other accounts with the bank or does it go strictly off the account number in question? We have a trust department, wealth management area, etc.
How do I title an account in this situation, mother is in nursing home, daughter is Representative Payee for Social Security and has POA. Also, how do I have the daughter sign the signature card?
In regards to fraudulent debit card charges, the bank I work at in California requires our customers to try to get the money back (even though it's fraud) before they will file the claim. From working at other banks, it was always my understanding that when it's a fraudulent charge, we file the claim and the customers do not have to try to get any money back. Are we in violation by requiring them to contact the stores/vendors to try to get money back? We haven't come across any situations where the vendor can even bring up the charge since it's not in our customer's name and we don't have any order number or anything.
What is the escheatment period for a dormant share IRA with a CU?
Say a member share account is dormant and member is under 59 1/2 with an IRA attached to the share. When should this account been sent to the state?
If a bank completes its investigation and sends the consumer a final letter stating the claim has been closed and the provisional credit is now the final credit, but later determines that the consumer is actually liable for the transaction, can the bank change it's mind and send a provisional credit reversal letter and debit the consumer's account, as long as it's within the time limits set by Reg E?
For an example, the final letter is sent on day 35 closing the claim. Five days later, additional information is discovered that shows the consumer is responsible. So on day 41, from the date of notice, the bank reopens the claim and sends a new letter to the consumer to reverse the provisional credit.
May a US citizen add a foreign spouse on their checking account and have them receive a debit card?
Is a Notice Regarding Overdraft Fees disclosure required to be posted on an ATM? A question was recently asked about required ATM signage (https://www.bankersonline.com/qa/required-signage-atm) however I did not see mention of this Notice. Could this be a CA specific notice or one that may have been required in the past? The notice reads “If you do not have sufficient funds in your account for the withdrawal amount requested,completing the transaction may result in overdraft fees if you have given us prior permission to complete such transaction….”
We have an account (PA-UTMA) set up for a minor (niece). The custodian (uncle) closed the account and transferred the money into his personal checking account. Is this allowed?