For purposes of Reg CC, is a check with a maker of a Savings Bank, payable through Chase Bank, considered a next-day availability item?
We require all lessees (agent or deputy) to sign our safe deposit box agreement in front of an employee. Why is this required? Is it a bank security measure or Reg?
We have a dispute going on. Say a customer makes a deposit at the bank and we decide a hold needs to be placed. When must the hold notice be disclosed/delivered to the customer?
What is the rule on charging OD fees on employees overdrafts?
At a recent Indiana Bankers Association Compliance Round table, we became concerned about our employee drawings for a charity. We offer drawings for prizes for first day donation, increased donation etc. We believe this may meet the definition of lottery but can't quite believe this activity would be prohibited. Please comment. We are a state chartered bank.
If a government agency (DEA) sends a representative to purchase an Official Check do we need to get the identifying information on the government representative?
When a representative payee account is opened, we monitor daily debit transactions to make sure that the beneficiary of the funds is not signing checks. There is discussion here concerning the necessity to review these or not. We have one employee who worked at another financial institution where they did not monitor daily debit items and wonders why we do here. I am wondering if the reason to do this is that even though the account is opened under the beneficiary's name and is a single owner account the only signer is the rep payee. Also, I know that SSA's rules are that that only SSA money should be deposited to this account. There have also been discussions as to whether this is absolutely necessary or not. I guess my question is, do we need to monitor the account for signatures and if we can or should not allow the co-mingling of deposits into the account.
Can you place a stop payment on a cashier's check?
Does the UCC allow a bank to dishonor a cashier's check if the remitter asserts that the payment was for fraudulent activities? Our customer purchased a CC and mailed it to a company that is being investigated for running a pyramid scheme. It is not lost, stolen or destroyed. It is our customer's claim that payment was for illegal activities. I did not see a provision in UCC 3 or UCC 4 that gave us the ability to dishonor the check and refund the amount of the check to the customer, but I wanted verification.
I know you can't pull a ChexSystems on a signer on a business acct. The signer is not a owner. Question is if you know the signer has had problems at your bank, can you refuse to let them be a signer on the business account? What kind of notice of action taken do you use, since you can't use the ChexSystems.