If an ACH federal deposit is presented, in the past we used the payment to cover the charged off account. Now, we have been told that NACHA rules state we must return all deposits on closed accounts and can no longer offset the closed/over drawn account. One of our concerns is we are in a community with a large military base, with a large volume of military accounts with a federal deposit, which is the customers' Army pay. And as you can imagine, we also have a large volume of accounts that charge off. I was told that under NACHA guidelines we're now suppose to return all federal deposits. Can you help me define what is included under federal deposits?
Why is the routing number different on a deposit slip?
How should the bank handle the discovery of a direct deposit for a nonowner of an account being made to a savings account? The account owner then transfers amounts into that person's DDA.
Is it legal to have a direct deposit credit under one person's name deposited into a checking account for another person? It is not a joint account. Both customers have authorized the deposit. There are two deposits, both of them government.
We have several accounts that are set up to receive their Checking Account Statement (Paper) Annually. Are we out of compliance by not sending them a statement monthly when our disclosures state that they have 30 days from the date the statement was made available to us to notify us of any errors?
A business account owner that is on chexsystems and is involved in a ponzi scam opened up a business account. After two days, he received direct deposit from PayPal. He came in after two days took the money and closed out the account. Should I be worried that the PayPal direct deposit could have been a scam?
We have a few customers that are non-US persons residing outside the US. They were added to accounts while here visiting relatives, etc. If the VISA and/or Passport expire, should we require updated, non-expired information? What if they do not plan on re-entering the US for a while? It is how we identified our customer originally, but if they are not planning to travel, are they expected to maintain current documents?
Can we require our employees to have a deposit account with us (as opposed to another financial institution) in order to direct deposit their payroll funds?
We have a customer that has deposited a fraudulent check to an account that only receives Social Security direct deposit. Do we have the right to charge the check back to that account?
When a customer dies who is receiving a social security check in the middle of the month, how do you determine if the deposit needs to be returned?