I am trying to find the regulation that states a bank cannot force an employee to open an account with their institution.
In times of disaster, the significance of Direct Deposit and Direct Payment looms large.
When it comes to appealing to the nation's 22 million unbanked people, banks have some stiff competition. One of those competitors is a fairly new source - plastic payroll cards.
If we offer a promo where we'll reduce the interest rate on an existing loan by .50% if a customer opens a checking account with direct deposit, are we required to refinance the loan to disclose the lower rate, or can we do an addendum to the original loan note.
If a consumer has received a large electronic deposit (over 10K) into her personal checking account incorrectly, how soon must she be informed in order to reclaim the funds? In this case, the account holder received a direct deposit from a company she has no affiliation with which was intended for deposit to another business, but somehow ended up in her account. How soon must she be notified before all parties must give up claim to that deposit - is she entitled to this money at any point. What law, regulation, or terms govern this?
If the funds deposited from Social Security have been withdrawn, is the bank liable for the amount stated on the reclamation?
Our financial institution currently offers passbook savings accounts. These accounts can be accessed at teller windows for withdrawals, and also may be accessed for preauthorized transfers such as ACH. According to Regulation E, we are required to send periodic statements to accounts that have electronic fund transfers; however, under section 205.9(c)(1)(i), passbook accounts are exceptions to periodic statements if the accounts may be accessed ONLY by preauthorized transfers. Are we required to send monthly statements to our passbook savings accounts?
Our marketing department has a promotion going on. We give existing customers $50 in cash if they either: (1) sign up for direct deposit, or (2) sign up for automatic loan payment from their bank deposit account. Would either of these payments be considered a "bonus" under Reg. DD? Are either or both of these payments considered "reportable interest" for 1099 purposes?
HSBC Bank USA, New York, has launched an aggressive marketing campaign for "selling" its free checking account.