We have customers who initiate the same Reg E wires, for the same amount, to the same country, each month. The required disclosures are read to the customer each time. Can this disclosure requirement be waived if the customer sets up the wire as a Standing Order or sets up the wire to be an STO?
Can an LLC or Corporation conduct telephone transfers from the account to a personal account or personal loan? I have been told that telephone transfers ARE allowed as long as proper verification measures have taken place. If an owner, or authorized signer on a business account needs to do a telephone transfer, they are allowed to do so, as long as they are verified to be on the account and their identity can be verified over the phone. Also this can only be done if a Resolution of Authority allowing the signers to execute all powers on an account has been signed. However, I have also been told that we should not allow this, but it is a bank decision on how to handle it. Can you please advise me on what the best practice should be?
Is signature needed for OD transfer service? Our "overdraft" product does not qualify as overdraft under 12 CFR 1005, as it's simply a transfer between the consumers accounts. The consumer receives two free transfers per year but is subsequently charged $0.50 for each transfer thereafter. Is the consumer's signature required to link his/her deposit accounts for this "overdraft" service?
What are the requirements to mail a notice to the customer if they have pre-arranged for an automatic transfer from their checking account to make a loan payment?
I am looking for guidance on telephone transfers from Business LLC or LLP to one of the owner's personal accounts. Should this be allowed?
We have a business customer that periodically transfers money from his business account to his grandchild's minor account. We are trying to explain to the tellers that they cannot do the transfer this way and they want to see it writing why it can't be done by a transfer slip and should be done by a check deposited into the minor's account. Can you direct me on where this documented and/or a reason to give them why it should not be done this way?
Are we as a bank allowed to issue a debit card on a savings account only?
Can the guardian set up a Uniform Gift to Minors acct as a DDA instead of a savings?
The bank has a customer who is on his 4th debit card. The customer's niece lives with him, and has used his card in the past. The customer disputes the charges each time stating the charges are fraudulent and he did not authorize. When the 3rd card was ordered, the customer requested the niece pick up the card and PIN number from the bank. The branch complied (though should not have) and of course, the niece used the card to purchase tires at Walmart. The customer now wants to dispute this charge. Can we deny the claim because the customer authorized the niece be given possession of the card? He has been informed he will not be issued another debit card if this continues with the 4th card issued to him.
Can a customer use an ACH credit or incoming wire that has been memo posted to his account? By memo post, I mean it shows as a pending transaction.