If the money is not available in the deceased customer’s account and no estate account exists with the bank, is the bank still liable for reclamations from Treasury?
If a customer wants to write a check in U.S. funds on a Canadian check, will writing “U.S. funds” on the check instruct everyone involved in the clearing process to process the check in U.S. funds, not Canadian funds?
I received a cash deposit for $15,010.45, and of course, had to file a CTR. I filed it for $15,011, but my BSA officer said it should have only been for $15,010. I thought we were supposed to round up to the next dollar, which is correct? By the way, that was the only cash that this customer brought in for the day.
Would it be smart to seek out beneficiaries and/or successor custodians to reduce your abandoned property burden...or would that create a GLBA privacy violation?
It has been my experience that most financial institutions request a consumer sign a specific form (vendor developed; card processing developed; or internally developed) - what I would consider "industry standard." I have a client who was cited by the FDIC (who said "all" regulatory agencies are citing this as an issue) for "requiring the use of a particular form." Regulation E allows for requiring disputes be put in writing and signed, providing the investigation is not delayed if a written form is not received. The bank's process includes beginning the investigation upon notification (oral or written) and follows up with getting a specific form signed (card processor developed). Has anyone else heard of regulators citing for "required use of a specific form"? If the card processor requires disputes be submitted on their form, how can the bank complete the investigation process without "requiring" the use of a specific form?