Our lending department wants to set up an online process where customers can submit a loan inquiry from our Web Site that would include almost all of the information that is on a normal face-to-face application. The information gathered would only be used, and a credit report run, once a face-to-face meeting has occurred. They are looking for a way to speed up the application process for the customer. I would like to know if this is possible or would it be considered that we have really received an application when we receive the information from the Web site?
Our bank employees are doing a big fund raiser for the American Cancer Society. Are we allowed to advertise our fund raising efforts and events on our website? Are there any restrictions for our bank?
A business who is a customer of the bank has entered into an agreement with the bank to collect bad checks. The bank initiates an EFT to collect the check and reimburse the business. At the same time the check is collected the bank initiates a fee to the consumer's account for the bad check and the bank keeps the fee. From what I understand, the bank is sending the fee on its own behalf. Wouldn't the bank be responsible for giving a notice under the new Reg E effective Jan 1, 2007 to the customer in this instance?
When a customer submits a stop payment through online banking, do they need to come in to the branch to sign a stop payment form? My concern is that we don't have their signature.
I've been reading with great interest the two threads on BOL regarding the [Name of tax preparation service withheld] Prepaid Mastercards. We've had many questions already from customers and non-customers about getting cash advances from our branches with these cards. I am concerned particularly with the non-personalized cards (i.e., no owner name on the card) that are issued by [Name of tax preparation service withheld]. According to our information, these non-personalized cards are issued "on the spot" to the [Name of tax preparation service withheld] clients, with very little explanation. (They are given disclosures.) If a client wants to get a personalized card with their name, it takes several other steps and several more days to get the card. We believe we're mostly going to be seeing these non-personalized cards. Do we have the right to refuse to handle the non-personalized cards, especially for non-customers, or because the card is a Mastercard product are we required to accept them?