06/25/2007
We are designing a brochure for our gift card program. We work with a vendor on this program; the vendor receives part of the fee for a card purchased and the bank receives the remainder. We sell these cards to both customers and non-customers. A gift card does not fit the definition of an "account" under TISA. Would we have to disclose the fees on the brochure? Could we say "ask about the fees" or do we have to disclose the fee schedule? Or could we be silent on the fees? Or is this a deceptive advertising practice? I am also reviewing the contract with the vendor to see if the vendor requires us to disclose fees when advertising.
06/11/2007
We are an insurance agency offering discounts to customers of a bank. The discounts apply to property and casualty insurance. Do we need to include "not FDIC insured" on our marketing materials? If so, what is the proper verbiage? Our marketing materials include the bank's name and logo.
05/28/2007
We are designing a brochure for our Gift card program. We work with a vendor on this program; the vendor receives part of the fee for a card purchased and the bank receives the remainder. We sell these cards to both customers and non-customers. A gift card does not fit the definition of an "account" under TISA. Would we have to disclose the fees on the brochure? Could we say "ask about the fees" or do we have to disclose the fee schedule? Or could we be silent on the fees? Or is this a deceptive advertising practice? I am also reviewing the contract with the vendor to see if the vendor requires us to disclose fees when advertising.
05/21/2007
When reviewing our website, what are the main compliance issues we need to look for?
05/21/2007
Do we need to give everyone who opens an account with us a Check 21 disclosure or do we give them only to customers that get checks returned with their statements?
05/14/2007
I am updating the bank's signature card sample and I am starting to question myself about ownership and disclosures for fiduciary accounts. For example, we open an escrow account for a realtor with the account titled "John Doe, Escrow Account" and the realtor is the authorized signer. Is this a personal purpose or business purpose and what disclosures do you give them? Are fiduciary accounts personal or business if the funds are held for a individual?
05/07/2007
During a recent FDIC audit, we were told that returned deposit notices involving checks that had been converted into IRD's needed a Check 21 disclosure notice enclosed with the notification/check. Our account opening disclosures already have the Check 21 disclosures included with them. Is this correct or were they mistaken?
04/30/2007
We want to change our procedures for opening accounts to include asking for an email address, with the purpose being for email alerts and ads. I cannot find where this would not be allowed as long as we have the unsubscribe feature. Is this correct?
04/16/2007
Our Marketing Department recently surveyed our customers and learned that many of them want to be able to get their available balance at an ATM. When Marketing suggested to our EFT Department that we make the change to provide that information, they ran into a brick wall. The folks in EFT say it isn't allowed. Are they telling it like it is, or just reluctant to change?
04/16/2007
Regarding FACTA Notice to Home Loan Applicant, if the bank does not pull a new credit report on a request to refinance an existing mortgage (or consumer loan secured by a 1-4 family residental property) do we need to issue the Notice to Home Applicant?