Our bank is in New Hampshire, near the Massachusetts border. We have several depositors who work for the City of Haverhill (MA) who deposit their municipal paychecks in our bank. Are these checks “checks drawn by a unit of general local government” that we must recognize as next-day availability checks?
I need clarification on the beneficial ownership rule. If we have non-profit or charity accounts that are not legal entities, do we have to do the control prong? What if their paperwork does not have them classified as a corporation or LLC but they have a separate EIN? Do we then do the control prong? And what if the account is very old and they don't have the actual papers stating if they are incorporated, etc. but have a separate EIN? Does the EIN make a difference?
On October 17, 2018, the CFPB announced that it plans to issue a Notice of Proposed Rulemaking (NPRM) for the Fair Debt Collection Practices Act (FDCPA) this spring; the NPRM will likely have a dramatic impact on collection practices for debt collectors. But, what affect, if any, will it have on first-party creditors? What other regulatory concerns related to debt collection should my bank be aware of?
How many banks have been sued under the ADA in federal court in 2019?
When our tellers are unsure about a check drawn on another bank by an unfamiliar business, they usually try to verify the check by phone before accepting it for deposit. They are frequently told by the issuing bank that the bank doesn’t verify checks. Is it OK to place a “reasonable doubt” hold on these unverified checks”?