Vendor Guru Q&A - Security

Restricting Access to Employee Account Info

Latest Security - ACH Topics

ACH Reversals

04/23/2017

One of our customers had an account takeover. We called the RDFIs and sent reversals, but we got them all back unpaid. What happened?

Customer purchasing Bitcoin

10/16/2016

Why would my customer be making repeated purchases of Bitcoin?

Re-route an ACH Credit: Closed Account

12/12/2015

Can we re-route an ACH credit coming into a closed account to the customer’s loan account if their DDA is closed?

Administrator for Business Online Banking

04/15/2013

When setting up businesses for online banking, ACH, and remote deposit capture, does the bank maintain control over users of the business or do they set up an administrator for the business for them to maintain?

Cannot Find Source of Funds-Close Account?

09/24/2012

The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?

Debt Collection Firm and ACH Loss-Liability

12/05/2011

An employee in a company's accounting department pays a personal debt by ACH using the company's business checking account information. The employee is authorized to make ACH's for the company for business purposes only. The debt collection firm accepted the information and originated the ACH to be paid from the business account to the debt collection firm's account. The debt collection firm did not know, nor had they any reason to know, that the account was a business account. The debt collection firm believed the account was the employee's personal account. Who is responsible for the loss if the employee/wrongdoer cannot be located?

Reg P Restrictions on Giving out Account Info

10/10/2011

According to Reg P, a financial institution is not to give out any account information, including account balances and account status. We regularly get calls from other financial institutions, companies like Comdata, and individuals asking if a check or ACH will clear. Are we allowed to give out that information under Reg. P?

ACH Fraud Suits

08/29/2011

I know there have been lawsuits against banks due to fraud involving unauthorized ACH debits on business accounts. What is the status of those suits?

Deposit with an Invalid Account Number

05/02/2011

Can an institution accept a deposit by matching a name or social security number if the account number is invalid?

Handling Social Security Check Upon Death

04/25/2011

When a customer dies who is receiving a social security check in the middle of the month, how do you determine if the deposit needs to be returned?

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STATS

The total volume of all SARs within the Bank Secrecy Act (BSA) database increased by 4% from 2011 to 2012.FinCEN, The SAR Activity Review - By the Numbers (BTN), May 2013

EHL Logo Use on the WWW

10/20/2019

Is the term “Equal Housing Lender” on our website sufficient or should we actually have the “Dog House” logo?

Social Media Strikes

08/18/2019

I had a question regarding our website. We were wondering if we should have "Officer's" names on the website for each branch. I've kind of struggled with this one because they've been on there a long time and it seems most other banks have some staff on their sites, but is that opening us up to risks?

Latest Security - ACH Topics

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