Do we need to scan our ACH Origination files for matches to the OFAC list? If so where does it state so.
Something in the back of my mind tells me it is against some Reg to go ahead and pay an overdraft from a person's DDA when we are expecting that OD to be reimbursed by their ACH deposit from Social Security. Could you please clarify this issue for me, with reference to the Reg or law? If I know which one, I can copy the chapter and verse and bring it up at training.
- Customers who use online banking show 80% lower attrition from the bank, make 30% fewer calls to the customer service line, and have higher overall account and loan balances.
We had a person call one of our offices trying to verify the Routing number and account number on one of our customers. He had claimed he was the customers brother and needed $20,000 transferred via ACH or Money Wire because the account holder had been in a terrible accident out of state. Our staff refused to give out any information and the person kept threatening with vulgar language. The person called and spoke to three tellers trying to get the same information. The staff called the customer up and informed him what had taken place. Would we be required to file a SAR because of such activity? There is no name, except for a fake one the person gave us. If it is what would be the summarization of the activity?
We have discovered an attempt(s) to process web-based ACH entries through our institution, but the account numbers used are invalid and appear to be randomly selected/generated. The transactions reject during ACH processing because of the invalid account numbers and are returned to the originator. The total amount involved in the activity thus far is under $5,000, and we cannot identify a suspect. Different (but similar) names are being used in the transactions and are primarily coming through what appears to be bill pay service providers. Is this activity SAR reportable?
When a joint accountholder dies, what is the usual procedure for setting up new signature cards? Example: John or Jane Doe has an account with John's social security number listed first, and John dies. Some customers never come in to change the account, and we eventually call them and ask them to come in and do new signature cards. We have a trust account now that the husband died, but do we automatically draw up new signature cards, or what?
- 74% of US financial institutions do not charge accountholders fees for PIN-based debit card transactions.
Associated Bank, Green Bay, Wisconsin, has created a fully integrated business system designed to allow business banking to do better information management.
The three states with the highest rates of reported identity theft in 2001 were the District of Columbia, California, and Nevada.
I need to know where to find the requirements on returning an ACH item over $2500. If it were a check, of course you contact the bank it is being returned to within the appropriate time frame under Reg CC. But, with ACH, I cannot find any guidelines.