If the funds deposited from Social Security have been withdrawn, is the bank liable for the amount stated on the reclamation?
BSA / AML CIP procedures using a risk based approach. One of the regulatory requirements of "Know Your Customer" is that the Bank becomes familiar with the normal transactions of our customers. The purpose of which is to be able to readily identify those abnormal transactions that may occur. One of the results of the risk based evaluation is to ascertain the level and/or frequency of account monitoring justified by the various levels of acceptable risk. The question is what (and how) level of account monitoring is sufficient to comply with this section of the reg? Larger institutions are more equipped to automate the account monitoring process while the smaller institutions (like us) have a more stringent "cost - benefit" hurdle to overcome.
- By the third quarter of 2005 financial institutions that issue Visa cards will be able to screen Visa debit and credit card applications and change-of-address requests against Chex Systems, In
Question: Can we use the same form when we put a hold on a savings account deposit that we use on our checking accounts?
All of the regulatory agencies have available a publication called "Protecting Yourself from Overdraft and Bounced-Check-Fees" which instructs consumers that the best way to avoid fees is to manage