My accounting department asked whether there were any compliance issues with sending a blanket letter to our vendors (not customers) to request they provide ACH info so we can pay them more efficiently.
I don't see any issues with paying via ACH, but I am concerned we may need to include some privacy disclosures or some such. Any guidance?
How do the new Third-Party Oversight requirements affect appraisal operations?
When a customer writes a check to a third party and the third party electronically converts the check and it comes through as an ACH ARC transaction, shouldn't the bank treat these as checks and not ACH, if the system can distinguish these? Also, if the customer uses online bill payment and requests that a check be issued to a third party, should these be counted under the "6" or "3" rule? The request was made online, but a check is issued.
IMPORTANT NOTE: Effective July 2, 2009, the separate treatment of third party payments by check, debit card, draft or other similar payment orders is ended by an amendment to § 204.2(d)(2) o
How can a bank achieve assured compliance given the constrained information security budgets today?
I read this in an undated document:"Documented studies have indicated that, in the financialindustry, for example, the cost of each new account acquiredcan run over $250. One major bank’s actual cost for everynew account opened is over $375."Can this be correct? If it is not proprietary information could you tell me the cost to acquire a new checking or savings account customer?
A study by "think tank" Ponemon Institute found that 71 percent of respondents are concerned or very concerned about the emails they receive that appear to be phishing for personal information.
I have many customers who have used their debit card for monthly debits such as to a satellite provider or Internet service provider. After they close their account, these transactions still try to hit. I have closed the debit cards and even hotcarded them but these companies still force the transactions through. When I dispute the transaction, the company says they will not honor the dispute without the cardholder's signature... yet most of the time we have closed the account due to negative balances. Is there any way around this? Can we not stop these companies from steadily forcing payments through closed accounts and cards?
Can a customer place a stop payment on a Visa Check Card transaction? If so, when and how?
My bank charges an application fee for closedend home equity loans, which covers all closing costs, including credit report, flood determination, title search, appraisal, and mortgage recording fees. Currently we disclose each of these thirdparty fees as P.O.C. and the applicable amount on the GFE and HUD1A. Another local bank uses a similar method of one fee to cover all closing costs. However, they only disclose the one fee on the GFE and HUD1A, with no references to fees paid to thirdparty service providers. Needless to say, our loan operations would prefer to follow this local bank's example. I believe we should continue our current practice, but I'm having some trouble finding clear regulatory wording to support my opinion. Section 3500.7(a)(2) refers to "no cost" loans, but our loans do have an application fee. Could I have your opinion on how our situation should be disclosed and also a regulatory reference to back that up?