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Must we have a written policy and procedures?

Question: 
Does our bank have to have a written policy or procedures for handling third-party claims to funds or information?
Answer: 

There is no requirement that there be a written policy or procedures. However, because a failure to manage these claims efficiently or correctly can result in legal and financial liability for the bank, developing a written policy and procedures is a reasonable goal.
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Learn more about John Burnett’s webinar
Developing Procedures for Third-party Claims for Funds and Info

First published on 03/03/2019

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