Do you have to run OFAC on non-customers presenting VISA debit cards for payment of social security or tax refunds?
Scenario: John Doe has his and his wife's VISA-branded debit cards stolen (he has possession of both of them). The PINs are written on or in his wallet with the cards. He notifies us within a day of the loss. The Card thief uses the cards, and between both cards, spends approximately $2,700. Several transactions are at an ATM. Others are POS transaction, and we're determining now if they're PIN or Signature-based. What will the bank's liability be on all these transactions, taking the customer's negligence into account?
I have a customer that opened three accounts, one for each of her children as they receive Social Security direct deposit benefits. The mother is the signer on each account and the individual child was added as an owner only because they are only nine, eleven and seventeen years of age. The mother wants debit cards in the children’s names so she can keep the account straight as to where she is pulling the money from. Can we issue debit cards to a minor and if so, would the mother have the legal right to use them? How would it be handled if the child’s card was used and they wanted to dispute the transaction?
Are there any regulations or laws out there that deal with giving a debit card to a foreigner without a social security number? I am having trouble getting started.
We are thinking about monitoring customer accounts for activity and notifying them when it is unusual. How can Marketing help put a positive spin on this instead of a privacy woe?
Bank of America said it will match 5 percent of all consumer debit card savings before December 23 that result from its own Keep the Change program, then donate the funds to Habitat for Humanity to
When it comes to appealing to the nation's 22 million unbanked people, banks have some stiff competition. One of those competitors is a fairly new source - plastic payroll cards.
The Visa USA team marked the 10th anniversary of Visa's check card by releasing statistics and data on how fast the use of such cards has grown and how consumers are using it.
Question: Our question has to do with money market accounts and the limited transactions per month. We were addressing Internet banking.
We have been notified by VISA Fraud that 23 of our customers debit cards may have been compromised. We have notified each affected customers. To date we have not identified any loss. Do we need to: 1) file a SAR?, 2) notify law enforcement? or 3) notify the FDIC?