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?
How long is the statute of limitations for collecting on passed bad checks that we've gotten stuck holding onto? (I'm thinking of sending to a collection agency; they don't charge unless they collect on check). ALSO, what about an unsecured personal loan? How long would we have on that? Six years? Six years from the date of the last payment? We've just charged it off and would like to send it over to the same collection agency. (Probably all are less than $3000.00).
Is there any regulation or guidance on whether a bank is required or able to cash a U.S. Treasury check for a non-customer. We have people that are personally known to us want to cash their Treasury checks upon occasion, even though they are not established customers of the bank.
I have a long time domestic customer who ships to St. Croix (US Virgin Islands). The customers on the Island pay the owner of the company directly to a personal account he maintains at a bank on the Island. Once the funds clear, the owner writes a check from his personal account from the bank he maintains on the island to his domestic company's commercial account he maintains with us. My question is the bank in St Croix is saying that he can no longer accept checks from his customers and transfer the funds from his personal account on the Island to his commercial account here. The Island bank says that there is a law from the 1800's that does not allow this. Can you please explain to me what the risks are with this type of transaction?
Is there a requirement to run an OFAC check on a DBA? For example, John Doe DBA ABC Store. Do I need to run an OFAC on John Doe and ABC Store, or simply John Doe?
Two employees of a business came into the bank to cash their bonus checks. The transactions were treated as separate transactions. Both checks were drawn on the same business account and the total of both checks cashed was over $10,000. Should we file a CTR?
I am in the process of revising our teller procedures to include checking all non-customer transactions against the most current OFAC list. I am still not clear on the non-customer transactions that should be checked. Could you clarify that for me and also, cash and checks both? My understanding is that tellers need to check on the following: all negotiable instruments sold (cashiers checks, money orders, wires, bonds, travelers checks). What about non-customer cashing an on-us check?
I've been talking with some co-workers in the Loss Prevention community regarding the use of a consumer report. I've been told by some people that it can be a very useful tool if you're trying to track down someone who owes your company money. They've also said that it's OK to use a consumer report without a customer's consent if the report is being used exclusively for customer who owes your institution a debt. Others have told me that under no circumstances should a consumer report be pulled without prior concent from the customer. What is the right answer? Are there good alternatives to using a consumer report?
I was wondering how other banks handle criminal background checks for interns. For new hires, we fingerprint them and submit them through the ABA / FBI program, but by the time I get the clearance back, the interns are usually gone. Any opinions or advise would be greatly appreciated.
When a branch office checks their DVR system prior to opening and finds it not recording, should the branch operate under emergency opening procotcol until the DVR system is repaired? Our emergency opening protocol is to lock the branch, only letting a maximum of two clients in at a time.