Our management doesn’t want us to do any training on the warning signs of internal fraud. They have stated that if we don’t talk about it staff won’t consider embezzlements. Besides they tell us something like this won’t happen here!
Our customer notified us in writing he has revoked the power of attorney he gave to Sam Smith. Does the revocation apply to all of our customer’s accounts that Sam signs on?
Is there a procedure that Reg E says we must follow to investigate a claim?
If a financial institution discovers a crime or fraud and wants to notify law enforcement, what if anything is needed before records/documents are turned over to help with the investigation?
When a customer notifies us of a potential fraudulent activities on their account, we place the account on a "restricted" status (any debits trying to hit will reject and have to be worked manually) for a maximum of 90 days. Is it safe to remove the restricted status if no fraudulent activities occur? What would be the best way to handle day 91?
DDA customer account auto closes because the balance went to zero. Customer comes in 2 days later wondering what has happened. Must they be re-CIPed to re-open their account?
Does the bank require Letters Testamentary dated within 60 days to cash in a CD belonging to the deceased? Is there a central database containing CD information? Can we search accounts by his social security #?
We have three restaurants that are owned by the same individual, and each of the businesses has a cash deposit just about every day. Our operations manager wants our tellers to combine the cash deposits of the three companies for CTR filing, because the same individual benefits from deposits to all three accounts. Is that correct?
We received a levy, and the customer has a CD that is pledged as security on a loan. Does our perfected security interest trump the levy or do we have to exercise our right of offset (cash the CD and pay the loan) in order to not be required to satisfy the levy with it? Secondly, if a customer we get a levy on has both deposit accounts and loans, do we have to exercise our right of offset or does simply that right trump the levy. Can the bank say there are no funds available to satisfy the levy, even if the right of offset is not actually invoked, assuming the customer owes more in loans than is in the deposit account?
What information is needed to open a business account?