A husband and wife have a joint passbook account, the husband comes in and says he lost the book and wants to close the account. The customer wants two checks made payable to each of them individually. The customer signs a lost passbook affidavit. The check is then cut and one is made payable to the husband, the other to the wife. Is there a legal issue in doing this?
Can a minor be a joint signer on a safe deposit box contract? What about being appointed as a deputy?
What are the disclosure requirements on Certificates of Deposit renewals under and over 12 months? I know we're required to do a new TIS disclosure for any term over 12 months, but what else is required? I know some banks send out monthly interest added back notices. Is this necessary if you are sending them a maturity notice 10 days before maturity with renewal dates, amount, and that the interest rate has not yet been calculated? They are advised in a letter to call or come into the bank for current rate at maturity. Anyway, I guess my question is: Is the maturity letter for an auto renewable CD the only required information needed to meet TIS rules?
We're thinking of deploying a remote deposit capture solution. How do we manage the check scanner hardware that our customers will need to scan their deposits?
Currently we train our tellers when voiding a cashier's check to write a $1 in the lower right hand corner of the cashier's check. Is there some regulation that states this is necessary to void the check? I have looked in the UCC, and through your previous articles, but can not find anything that states "why" this should be done.