Can we pull a credit report on a customer without their consent? We have a customer who wants to consolidate some credit card debt. We told her that she needed a co-signer. She gave us her husband's social security number. Can we pull a credit report without his authorization?
BSA/CTR Filings Section B (item B mail deposit or shipment). We cannot find an description of what that would include (shipment). Can you please help us?
CIP requires the bank to verify the information that the customer has supplied. We verify the information using ChexSystems. Is that sufficient for verifying the address or are we required to mail something like a “Thank You Note”?
A hold was placed on a deposited check that the bank received by mail. The bank was unable to reach the customer by phone, but mailed the hold notification the same day. The customer contacted the bank by email a week later, upset that he wasn't notified at the time the hold was placed. He stated he received the notification three days after the deposit was made. Would it have been acceptable to notify the customer by email if the message was not detailed, but stated something to the effect "Please contact (bank employee) at (bank name) concerning a hold."?
We had a customer come in to make a withdrawal on a savings account. He stated the balance of the account was about $6,000, but our records show he has had an average balance of only $1,300. Later in the day he was able to produce what he claims to be three 2007 statements mailed to him from us. These statements do not look anything like what we produce and had many errors with interest, balances, dates, statement periods and logos. It also does not match the activity we show for 2007 and appears to us to be badly produced fraudulent statements. We are currently pulling all statements since he opened the account to see if we can find any errors in the activity. Since 12/07 his account has been on our do not mail list because of a wrong address. Should we have him sign a statement regarding the statements he produced for us stating they were received in the mail for future reference if they are proved to be fraudulent? I am following up on the research of the account to verify, but it appears that he is attempting to commit fraud since his produced statements do not match our statements for the same period.
Federal law enforcement agencies conducting a tax refund fraud investigation uncovered at least $13.1 million in fraudulently obtained federal and state tax refunds.
By John Byrne, Bank of America
We are thinking about offering E-deposits to customers. The customer would go into the home banking application, enter the amount of the deposit and the check information then physically mail us the paper check. The customer would receive immediate availability on deposits up to a specific limit. Once checks are received (within 5 days) we verify the check information and process the checks normally, but do not post the funds. If the checks are not received in time, we can extend the time requirements. What type of transaction is this considered and which regulation does it follow? Reg D, DD, E or Z? Do we have to provide special disclosures and if so, which ones?
A client recently faxed over a request for a cash transaction requiring a CTR. The client hired a courier service to pick up the cash. In filling out Section B on the CTR form what option should be used to best describe the courier service (armored car service, mail etc.) or should the courier service employee's name, address and personal info (SS Number, etc) be taken to complete section B?