06/09/2008
I know this is a simple question, but I’m a newbie to banking. Is a checking account and a DDA the same thing?
05/26/2008
I recently received training on ACH stop pays. I was informed that if a member does a stop payment it is kept as a one time stop payment for that month and once the institution returns it then we are to expire the stop payment. Is this true and can the merchant then send through another ACH the following month? Can you clarify the difference between a stop pay and a revoke? My understanding is if a consumer has a payment coming out every month and decides he or she does not want it coming out as an ACH anymore and tells the company this, it would be placed as a revoke. Would a stop pay be considered something that has not come out of the account yet?
03/31/2008
Are there any differences in the time requirement of a check versus a payable through draft when making a decision between paying or not paying an item?
12/17/2007
Are there any rules or Regs prohibiting banks from opening/offering business savings accounts? What rules and Regs pertain to business savings?
11/05/2007
We have recently added several tellers to the foreign currency area of the money room. What are the "best practices" regarding operational controls over the inventory? Do tellers transfer stock back and forth with a head teller to process orders and incoming transfers or am I thinking too much in the box and trying to replicate ordinary practices from the commercial side of the money room?
10/15/2007
Believe it or not, we do not have free checking yet. We have realized the need to put together a free checking account - not specific to age - and we are wondering what are the can do's, have to do's, and the don't do's are with establishing such an account. Your thoughts are appreciated.
10/08/2007
Are banks required to search the OFAC lists on domestic banks when wiring funds?
08/27/2007
We have savings account customers that are now marked "dormant" or "inactive", however, these customers have made online banking transfers between accounts at our bank. We are an FDIC bank and wondering whether we can change our policy to exclude such customers from being marked dormant or inactive.
07/30/2007
Under UTMA, can a custodian sue the financial institution if the funds are disbursed to the child when he or she reaches majority without the custodian’s approval? If so, do you know of any litigation in this regard?
07/23/2007
We disclose that we give same-day availability for cash and wire transfers because the funds are available to the customer if they come into the bank, but they are not available through the debit/ATM card network because we only send a positive balance file after we do our nightly update. Are we out of compliance by disclosing same day availability for these deposits?