Most Popular Technology Content
Offering E-Deposits - Compliance Issues?
07/14/2008
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?
Stolen Debit Card - Customer Liable for the $50?
07/14/2008
A debit card was stolen and used at an ATM with the PIN number. Is the customer liable for the $50?
Reg E Claim - Customer Disputing Amount Charged
07/14/2008
A consumer files a Reg E claim stating the merchant charged a different amount than authorized. The customer cannot provide receipts and the authorizations were for the amount being disputed. Do we still need to proceed with the claim or can we deny it based on valid authorizations because customer can't prove amount authorized?
Web Site Compliance & Disclosures
07/07/2008
Since web sites have widely varying degrees of functionality, each bank must determine its own obligation. It's been a long time since I've seen a bank web site that isn't at least an advertisement. Catalog the products that will be promoted there and then aggregate the advertising regulations that apply to those products. If you offer online applications, then add the rules that apply up to that stage. If you also provide online decisions, then add the additional rules that come into play. If you go all the way and open the new loan/deposit online, keep adding the additional rules that apply during all stages of a customer relationship. There are very few rules that are uniquely Internet-related and not tied to a product. Included in this short list are "speed bumps," CAN-SPAM, and COPPA.
ATM Presentment & Processing
07/07/2008
Are there any regulations that speak to the following situation in regards to presentment and processing? ATM deposit was made on Jan 30, 2008 thru a deposit automation ATM. There were server issues that prevented the check image from being received for processing however the member received immediate credit and had access to the funds. The outage that occurred from the original technical problem was not resolved until April 21, 2008. The original check was submitted for processing because it was a negotiable item and not more than 6 months old. The item was returned April 24, 2008 as NSF. Because there was a 2 month timeframe between deposit and check processing the member does not feel they should be responsible for the returned check. We have attempted to collect the NSF item on behalf of the member with no success.