When making a cash secured loan, is the bank able to hold the funds in the customer's checking account or MMA, or do the funds have to be held in a savings account or certificate of deposit? The question is posed for both consumer and business loans.
A federal credit union filed a SAR and helped initiate an investigation into a counterfeit check scheme that had similarities with Nigerian 419 fraud schemes.
I have a business customer that I suspect is kiting. She makes deposits to the one account with us from other accounts (different business names, tax IDs) that she has with another bank. She is consistently on our NSF report and Suspect Kiting report. These checks are what she deposits to cover her NSFs. Should I make out a Suspicious Activity Report on this customer?
Question: We have a branch that was approached by a company that wants to establish a depositor relationship with our financial institution.
Question: We had a check come in through the exchange for payment, and we bounced it NSF.
- The annual cost saving generated by check truncation is expected to reach $1.2 billion.Celent Communications Report: "The Check Stops Here: The Forces Moving Check Truncation to the ATM", ATM
- Customers who use online banking show 80% lower attrition from the bank, make 30% fewer calls to the customer service line, and have higher overall account and loan balances.
We have a procedure to review unusual activity in employee's accounts on a regular basis. In addition, if we have a suspicion regarding a teller, we have reviewed account activity for that teller. Are there any privacy rules which would restrict our ability to review our employee's account information? Also, is there any consent required by the employee when they begin employment?
A funny friend who is a mature banking professional (and who prefers to stay off the radar of the 419-scammers) had an irresistible urge to respond to one of the Nigerian scam letters she received
We have a credit card account with a balance of $3,000. The customer sends in a payment for $3,000 which is NSF. The customer charges on the account before the payment is returned and has a $6,000 balance when the NSF payment is returned. Is this a SAR reportable incident? Does the $3,000 NSF payment determine the dollar threshold for reporting or does the $6,000 account balance determine the threshold for reporting?