How many checks can be drawn against a non transactional account in a statement period?
Can the bank decline to provide cash to a customer (when the amount exceeds $100,000 in one transaction)? I was always under the impression that the bank can decline any transaction if it puts the bank or it's customers at risk. Can you provide support (whitepaper or otherwise) for your opinion. This is not a "run" on the bank just one customer wanting a large quantity of cash for their own personal reasons.
In the past, we have allowed grandparents to open savings accounts for their grandchildren with the grandchildren being the primary owners and the grandparents as secondary. They would have the child's social security number. They would sign the child's name,(child is unable to sign due to age). Relative to CIP purposes can this still be done?
Many financial institutions that offer health savings accounts (HSA) simply request that the HSA application with initial deposit, and only a copy of an ID as verification be mailed, not presented in-person. With numerous HSA's being established out of state, no in-person verification is requested and seems to conflict with the PATRIOT ACT’s customer profile information requirement. How can our bank open HSA’s and not have the customer do this in-person, can this be done strictly via mail?
This question is in regard to OFAC. Is there any stipulation when opening a new account (new customer(s)) that contains a minor, that you should not have to worry about checking a minor against the SDN list? Let's say you open Jr. Savings Accounts, what should be the bank's policy and procedures for checking the SDN list at account opening?
Staggering increases in corporate health care costs and other current economic factors have created a new consumerism in the form of consumer-directed health plans, according to Bob Borneman, vice
Question: Can we use the same form when we put a hold on a savings account deposit that we use on our checking accounts?
Can a legal hold be placed on a checking or money market account for loan collateral?
The Bank of New York introduced a new account offering multiple benefits to customers who maintain an average combined balance of $75,000 in all their accounts with the bank.
An administration-backed initiative has been introduced in Congress that would simplify the nation's savings system by consolidating certain retirement, education, and other savings accounts.