Can a joint owner of a personal account assign/give an account title modifier/nickname to the account that would include "association" in the title (i.e. "nowhere county professional association")? This is a personal account under an individual social security number. The customers are not buying, selling, or operating in a business manner. This is in essence a club.
While cashing a check issued by its customer to a third party, is it mandatory for the paying bank to obtain the Social Security Number of the payee apart from photo ID details? If not, and if the transaction results in filing a CTR, what is the recourse?
Should our cameras be aimed at the customer, or at the teller station to review their work?
We have a kiting scenario come to life, and I want to make sure I am covering all my bases. A SAR will be filed. What law enforcement should be contacted: FBI or local? This is a very large amount, do I need to notify our primary regulator? If so, how soon?
If a bank's outside automated teller posts a deposit that includes stolen checks that are not made payable to the account holder's name, and the checks clear, thus laundered through the automated teller, for the benefit of the account holder, and the bank never monitors the checks, who is responsible for restitution of the funds stolen?
We have a case where a girlfriend has lived with her boyfriend for eighteen months. He signed her name to the checks to pay rent and bills. Has the girlfriend ratified this type of technical forgery?
Does the bank have to do an OFAC check on checks that they write, or on contributions, bills, etc.?
Many of our commercial clients originate ACH files and some transactions get returned for insufficient funds, etc. When an ACH transaction is returned to us, we charge it back to the client’s account, much like we do for returned checks. We have a couple of clients who have asked for an individual ID to appear on our ACH Return Notices, along with appearing on the transaction itself (though DDA and/or Online Banking history), and appearing on the DDA statement. We have a procedure in place that stops this information from printing on the original ACH transaction for consumer clients. Many of them complained, since this field may contain social security numbers. There is no regulation on what has to appear in this field. It may contain a SS number, but may also contain other information. I have seen a mix of things in this field ranging from a blank field, to a person’s name, to a string of numbers and letters that do not mean anything to me. Basically, we hide this field from consumers due to their complaints. The situation I am asking about is slightly different, but I would still like to confirm with you that there are no regulatory or privacy issues. For the custom we are getting ready to ask for, it will show the information that is in this field, it will show it on the actual return notice, it will print it on the statement, and will also appear through DDA and OLB history. The difference here though is that the client who sees this information on his return notice and on hus statement is the same client who populated that field, so I do not think it will be an issue, since it is information that the client provided to us originally, and that he already has access to it, but I wanted to double check before we get too far down this road.
Our customer had checks stolen, forged, and cashed at another financial institution. Since the other financial institution made final payment, can I return the checks to them on a "without entry" basis? Is my financial institution under obligation to reimburse its customer for the items that were cashed at the other financial institution?
A customer has requested the Social Security office to appoint a new representative payee for her account. This was granted. How do we handle the change, and can the new rep close the existing account?