08/05/2002
How do other banks perform callbacks on Wire Transfers? Is this a requirement?
07/01/2002
We have a sweep account that sweeps to/from a checking account to/from an account backed by our securities. (Non-FDIC insured product.) We are unable to sweep to/from a money market because of the limitations on pre-authorized transfers in a money market account. Would it be possible to set up a sweep to/from a savings account? They do not have limitations ontransfers, right?
06/03/2002
We have always prevented or restricted our business customers from making electronic transfers (via VRU) between various corporations. For example, customer A has several different incorporated businesses, and our systems currently prevent the transfer of funds between accounts. With the release of our online banking system, this practice has been questioned. Is there any regulation or state law that we can look to for guidance? If we allow these types of transfers, what problems may we experience?
05/20/2002
What are the rules concerning Medallion Signature Guarantees? Are they "know your customer"?
04/01/2002
I had a customer come in and ask me to notarize some revocable trust documents. Her son, who is graduating from law school in May, had written the trust for her. I asked her if she wanted to transfer her accounts into the trust and her son said that wasn't necessary. He said she had a pour over will that would allow everthing to go over into the trust at the time of her death. I had never heard of this before and wondered if this was correct. I had always been told that they needed to transfer their accounts into the trust while they were still living.
04/01/2002
Can we charge a fee to our customer for a stop payment involving an ACH transaction they would claim to be unauthorized?
03/11/2002
A couple of our customers have had problems getting their CD's from a large bank. They have notified the bank a couple of days prior to the maturity date that they do not wish to roll-over the CD and would like the funds wired to them on the maturity date. The bank in question claims a ten-day waiting period (without payment of interest) and then refuses to wire or fed-ex funds (even though the customer wants to pay the appropriate fee). They state they can only mail a check which causes an additional 2 - 3 day delay. (To make money from the float, no doubt.) I can see in the reg's that you don't have to pay interest during the grace-period (if you disclose it), however I am completely at a loss as to why they wait ten days and refuse to wire. Have you heard of this practice? Also, where in the regs does it address prompt payment of funds to the customer?
02/11/2002
What must a resolution include for an unincorporated association, also for a corporation.
02/01/2002
The concept is not new. It is familiar to almost everyone. A cost benefit analysis lays the foundation for deciding whether doing something is a good idea.
10/01/2001
Our bank would like to advertise a special loan rate with the provision that a preauthorized electronic payment be set up from our deposit account. We have been advised that this is a violation of Reg E, Section 205.10. Any suggestions around this?