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Vendor Guru Q&A - Operations

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Latest Operations - Small Business Topics

Unauthorized Purchase Business Debit Card

06/04/2012

What is a bank's liability for unauthorized purchases on a business VISA debit card? We have always been under the impression that we had 0 liability for unauthorized purchases and that the customer was responsible for any activity.

Business File Unauthorized Charges on POS?

05/28/2012

Can a business customer file unauthorized charges on a point of sale? If so, within what time frame? Our bank only has one BIN for our debit cards, so our business cards are not under a separate business BIN.

Advertising Product for Small Business Loans

10/03/2011

We are looking at purchasing Small Business loans from a third party. Management would like to advertise the third party's product for small business loans to our customers. What compliance issues could the bank face by advertising their product?

Time Frame for Visa's Zero Liability Rules

06/13/2011

Under Visa's Zero Liability rules, is there a time frame in which a customer has to report a fraudulent transaction on their account? I understand that the Reg E rules apply to ATM and PIN based transactions not processed through Visa. I am mostly concerned with Signature Based, Visa processed transactions.

Shoveling Snow - A Bank Employees Job?

02/18/2008

This may seem like an odd question, but can we be required to shovel snow in the winter? My boss at the bank has informed us that he or she has hired someone to shovel, should we have more than two inches of snow, in the morning only. If we have less than that and throughout the course of the day, he or she has provided us with weekly rotating schedule in which each of us would be responsible for this duty. None of us are too keen on this idea. Is there legally something that could restrict this activity or do we just attribute it to the joys of a small business and deal with it?

Cashing a Check Made Payable to a Partnership

01/21/2008

We have a new partnership account. The customer left a previous bank because that bank refused to cash a check made payable to the partnership. If all four partners endorse the check, may we cash the checks for them? We are not sure why they won't deposit and then make a separate withdrawal. The partners are Mom, Dad and two sons.

1099 INT Form Required?

02/05/2007

Marketing would like to run a special where a small business customer will receive a $100 credit for opening a new checking account if they also get a debit card. Would this $100 credit be considered interest and would a 1099 INT form be needed?

Should We Allow Cash Back on LLC Deposit?

12/05/2005

A corporate (LLC) business owner wants to take cash back out of his deposit into the business' checking account. Is it sufficient to just have him sign for the cash on the signature line on the deposit slip that reads "sign here for cash if required"? Or should we require him to deposit the whole check and write out a check for the cash?

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Most Popular Operations Content

Check Payable to 4 People-Liability if Returned?

04/21/2019

A check is payable to 4 people, 2 of the payees are our bank customers and have endorsed the back of the check. The other 2 payees came into our branch, signed and cashed the check. If by some chance this check is returned to our bank, who would be liable? We understood that it is always the last signer and the person who received the cash. Is this true?

New Prepaid Card Rule/ Error Resolution Provision

04/21/2019

We discontinued offering prepaid cards a year ago. Customers can still use any previously purchased prepaid cards until the card expires or is cancelled. Customers can continue to reload their prepaid card but not through the bank. Is there any applicability for us regarding the new Prepaid Card Rule effective April 1, 2019, such as the error resolution provision for example?

Garnishment/Levies-Verify No Other Accounts

04/21/2019

We have a question on garnishment/levies. If we receive one do we need to verify they do not have other accounts with the bank or does it go strictly off the account number in question? We have a trust department, wealth management area, etc.

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