Your bank or credit union expects tellers and others who handle checks for the institution to do so accurately, efficiently, and carefully. You also expect those checks to be handled with minimal risk of losses.
There is a regulatory expectation to perform customer due diligence (CDD) on all high risk customers such as independent ATM owners, non-profit organizations (NPOs) and politically exposed persons (PEPs).
One banker commented “Reg E hasn’t changed, so what’s to learn?” While the Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate those errors have.
Mistakes are bad, except when you learn from them. Mistakes are great when you learn from someone else’s. Join me as we look at what examiners and auditors are finding wrong in banks so they do not find these in your bank.