Is there any regulation that requires the bank to have a PO box for mail delivery instead of delivery at the street address of the Bank?
We are looking to revise our daily disclosure notice to our Sweep account customers. Are there guidelines/samples available in some reference? I am having a difficult time finding the notice requirements.
Can a customer be charged an overdraft fee if the overdraft is a result of pending transactions?
When doing a Reg. CC review, holding funds for too long or too much constitutes a clear violation. What if, for example, the Notice of Hold was not completed properly (placed big "X" through all reasons as if to say N/A to all, or they simply selected no reasons, or left out the number of days funds would be held). I've received feedback advising these are not violations, just "exceptions/knowledge gaps" and on a review should be listed as such.
Business using RDC to deposit checks that it issues to and cashes for non-employee service providers. We bank a local recycling service. Historically, this customer has paid individuals who bring in scrap metal in cash. However, their regulators are now pressuring them to issue these individuals checks in lieu of cash payments. Our customer would like to issue these checks, immediately exchange them for cash and then deposit these checks via RDC. I understand that Fincen issued guidance (FIN 2006-G005) indicating that this activity is not considered MSB activity even in cases where the dollar amount is over $1,000, for one person and in one day. I would consider the overall risk of this activity to be low given that our customer is writing, cashing and depositing only their own checks and therefore disputes are unlikely and would only lead back to our customer. I am wondering if there are any requirements that the bank needs to enforce on our customer regarding this activity, such as CIP / ID requirements for the payees of these checks. I imagine that the individuals who are collecting scrap and turning it in for payment may be at a higher risk for ID problems, either lack thereof or forged / altered. Is this the banks concern?
I was wondering as a teller, legally, what am I allowed to say when a member asks how much they can withdraw without a CTR filed?
What are the rules for advertising on mobile devices, such as ads our mobile customers see on their smart phones?
Are changes coming for Free Checking? We have heard that it has to be totally free if "Free" is in the title (no daily overdraft fees, NSF fees, no fees can be charged).
Regarding automated telephone banking systems, customers can currently inquire (get account balance and info) by phone with their account number and last four digits of their SSN. If they want to transfer funds between their accounts, they must complete an application. My bank wants to give automatic access to transfers too. I'm concerned about Reg E issuing access device rules. Is calling the number and following the steps, "requesting" the access? We have new operations personnel who say all banks do this automatically. Other banks don't have customers fill out a form or call and talk to someone, it is all done through the automated phone system. Does this comply?
We do a lot of targeted marketing in our bank. Our operations and marketing departments have approached our compliance team with a proposal to market our overdraft service to customers who don't yet have the service, but have had checks returned for insufficient funds in the last six months. Currently, this service allows qualified customers' accounts to go overdrawn by from $200 to $300 provided they cover their overdrafts within fourteen days. We would market it in two layers, with an option for customers to accept basic coverage for checks and ACH items only, and another to accept coverage for checks, ACH and ATM/debit card transactions. We will include all the compliance disclosure, opt-in and confirmation requirements for card transactions required by Regulation E. Are there any compliance concerns related to targeting this marketing to that group of customers?