We would like to look into using E-signatures with online applications to open accounts. Does anyone have any suggestions as to where to look for information on the requirements?
A mortgage company has approached our bank wanting to pay a specific employee a referral fee, if we would forward real estate loan applications we have turned down to them. I do not see how this is a legal process given Section 8 of RESPA's prohibition of referral fees. The only way I can see it would be legal, is if forwarding the application to the mortgage company would not be defined as a settlement service. I think it would be.
Since Reg E states that provisional credit must be given to a customer within so many days, what consequences does a bank face when all accounts of the customer have been closed? What do we do with the pending provisional credits?
Our bank is changing it's ATM fee assessment structure: currently, our customers are charged for each time they use a foreign bank's ATM, and these fees are aggregated and deducted from the customer's account at the end of the statement cycle. We are going to start assessing this fee at the time the customer uses the foreign ATM. Do we need to provide customer's 30 notice of this change? Note: our current disclosures do not mention when foreign ATM fees are assessed to customers' accounts, the disclosures only state that customers may be charged a fee by the foreign ATM operator or any network used to conduct the transaction.
We accept ACH debits from our savings accounts. When one comes in that is "NSF" can we charge an "NSF" fee if we properly disclose it on our account charges?
If your bank offers bill payment over the Internet banking service, does the Reg E disclosure have to state more than the fees your bank can impose, plus the customer's "agreement to pay any additional reasonable charges not covered by the (internet banking) agreement" (for example, if the payment is NSF and the merchant charges an NSF fee electronically as well)? Can that NSF fee then be charged against the customer's account, or are there additional notices which would need to be provided?
I was wondering if we need to notify our customers about the conversion of checks as part of compliance? Some vendors that change the customers checks in RCK or ARC ACH format charge the customers, and we are getting calls saying that these are unauthorized. Does anyone know about sending marketing materials to explain this to the customers and make them aware of RCKs and ARC transactions?
Do return (chargeback) ACH transactions have to be broken down individually (online or on consumer statements) or can the multiple returns be sent back to the originating deposit system and on the customer statement as an aggregate (total of all returns) return amount?Does Reg E cover commercial accounts or only consumer?
We do not open accounts online. The Reg E disclosure on our Bank's Web site covers the types of transfers that are allowed for Online Banking along with fees, documentation, Financial Institution's Liability, Confidentiality, Unauthorized Transfers, Error Resolution Notice, etc. (i.e., things we don't need), but this disclosure does not include other EFTs, such as check conversion. Is it required here? The Reg E disclosures provided to customers other than on the Web (new account, debit card application, etc.) do include that type of EFTs.
What is the verbiage required to be posted/disclosed on an ATM regarding fee notice and funds availability?