Are there restrictions on the types of deposits that can be made into a personal checking account?
If a customer makes a deposit to a charged off checking or savings account and it brings that account to a small positive balance, is the bank allowed to service charge that accounts balance?
I've been asked to research what compliance issues there might be with changing our CD early withdrawal penalties from interest based (e.g., 3 months interest) to principal based (e.g., penaltiy is 1% of principal amount at opening or renewal).In what I've been able to find, the only thing I see relates to the Reg D requirements for the penalty to be at least 7 days simple interest if the withdrawal occurs within the first six days to be considered a time deposit. Assuming we can cross that hurdle, are there other compliance issues that I'm missing? UDAAP potential comes to mind, but if we are clear and transparent in disclosing the penalty are there other aspects of UDAAP that could bite us? We are looking at this as a defensive/customer retention tactic. With today's rates so low, and as a result with interest-based early w/d penalties also low, customers have no real downside to locking in higher yields today by putting into long term CDs with the thought that if rates jump significantly in a year, the penalty will be more than offset by moving to a higher yield CD early.I'd be interested in hearing any thoughts. We have heard anecdotally that other banks may be considering or already doing this. Is anyone aware of a bank doing this at this time?
If a business client presents a forged check to our bank after reviewing their bank statement and we return it to the bank of first deposit that day but now 28 days after it was honored at that bank, are we timely and will that bank remain liable? If not, are we liable to our customer when they have followed our customer disclosures regarding such forged or altered items?
I cannot find the record of retention for ATM/Debit Card applications or alterations in the state of MI. How long must they be kept?
Are borrowers required to acknowledge receipt of the Notice of Right to Rescind by signing the Notice?
We are considering having a HE promo. The incentive is to defer the first payment for 90 days and on loan disclosures indicate first payment due 90 days out. Do any of you foresee anything non-compliant with this?
When monitoring accounts for Reg D violations and an account change is required, is it permissible to close a savings account and open a checking account with the funds without the customer's consent?
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?
What are the rules for advertising on mobile devices, such as ads our mobile customers see on their smart phones?