Non-real estate loan applicants can use our online form to request a loan. Based on their address we will know if they are in or out of our market area. In some cases an online request is stopped before a credit report is pulled and the person is not allowed to complete the application because they receive a message saying they are outside our market area. The bank does not send any other other notification. Are we required to send an adverse action notice if the bank's practice is to not make these type loans outside of our service area?
Can a fiduciary use an account for their own purposes?
Many of our members have received a notification (email) of an invalid login attempt to our online banking. Our online banking requires a username and password to login. When we question our online platform, they advise the attempts are third party aggregators attempting to login using the username our member provided to the 3rd party companies. However, when we question our members, they have not provided their login credentials to another company. The login attempts are attempted from the service provider Amazon.com,inc. Is anyone familiar with this or does anyone have similar issues with invalid login attempts?
We are discussing accounts you can merge on online banking (so that the agent can see the fiduciary account along with his/her personal accounts with a single log-in) for example:
1.) Rep Payee
2.) Escrow Agents
3.) Power of Attorney-Appointed Agents
4.) UTMA Accounts
The custodian has been challenged as to whether or not you can or can't combine with a parent’s accounts online banking.
Is there any legislation or case law or statutory basis for which we must decline these requests or is it discretionary?
A new study by NFO WorldGroup had some not-so-good news for financial institutions hoping that getting their small business customers wired and providing top notch Web services will build loyalty a