What is the main benefit of document tracking software (compared to ticklers)?
Do the same requirements for written disclosures in subpart A of Regulation E apply to disclosures under these new rules in subpart B?
I thought every LLC had to have an Operating Agreement. I told a guy this morning that we couldn’t open an account for his sole member LLC until he gave us a copy of an operating agreement. Problem?
If a customer buys $50,000 in Polynesian Francs, does a CTR need filed on the $50,000?
I own a check cashing business. Our industry is faced with an epidemic of returns for duplicate presentments where a payee will deposit an image of their check (using their phone app), then bring the original to the check casher. The check casher takes custody of the check and gives cash to the payee. The check casher then deposits the check to its own account via remote deposit capture (RDC) - this is standard practice today. Keep in mind, the original check remains in possession of the check casher and does not physically go to the bank. Sometime later, the check casher gets a duplicate presentment return because the image deposited by the payee's phone app was first in time. Now, per Check 21, the check casher's bank is the depository and is a warranty recipient entitled to enforce the warranty against the payee's bank so long as the depository (1) sustains a loss and (2) takes the original. Two part question: If the check casher's bank does not take a loss because the check casher itself covers the return, is the bank still able to enforce the warranty? And since the check casher is using RDC, even though it retains custody of the original check, is the bank able to enforce the warranty?