If a customer's overdraft privilege is a sweep account--savings or checking and he has a debit card--is an opt-in for REG E (Sec 205.17) required?
Are transfers from one business savings account to another business savings account at the same financial institution limited to six if the transfers are not done in person, by mail, by ATM or by messenger?
Does Reg D apply to IRA savings and IRA money market accounts?
Relative to BSA/AML, is there anything within FFIEC guidelines, or anything else for that matter, that states a bank must get the purpose for a wire/funds transfer? At a previous institution that I worked at we were cited by the OTS because we were not obtaining the purpose for a wire transfer. I have spoken to other colleagues and they, too have been cited; however, no one can find where this is an actual BSA requirement.
What is the correct styling for a TX-UTMA account for a minor?
How should the bank handle the discovery of a direct deposit for a nonowner of an account being made to a savings account? The account owner then transfers amounts into that person's DDA.
We have a customer who owns a corporation and has both corporate and personal accounts with the bank. He has been requesting the bank to make transfers from the corporate account into his personal account. My question is whether or not this should be done. I seem to recall a case regarding the commingling of funds between a corporate and personal account. Can someone please let me know if we should continue to allow this type of transaction.
We have a customer who has been in Afghanistan for the past 5 years due to their being in the military. The customer has come back to the United States and has discovered unauthorized withdrawals which took place 5 years ago - about a month after they were deployed. Are we in compliance if we deny the claim, or we obligated to pay due to fact our customer was not receiving statements to Afghanistan. The account was charged off in 2007 and customer discovered this on her credit report.
What are the differences between opening a minor account vs a UTMA? Are we responsible to "police" with use of funds in either case?
Does anyone have a form they use when opening a business account stating they are not an MSB?