09/06/2020
Our institution is based in Missouri, but we offer an online savings account. We are wondering about what state laws we use for charging dormant/inactive fees to accounts? Missouri Law is that once an account is inactive/dormant for twelve months we can charge a fee up to $5.00 a month. Then after five years of inactivity, the account is considered abandoned and will need to be sent to the State Unclaimed Property department. If a customer from different states opens accounts online with us, do we abide by Missouri Law or the state law which they reside in?
06/28/2020
Can an IRA customer contribute if he or she is 75 and earning income?
06/21/2020
During a recent compliance forum I understood the consultant to say that the 7 day notice of withdrawal language needed to be a part of the TISA disclosure – even if it is part of the terms and conditions disclosure. It is not at our bank.
I spoke with a bank manager that has a background in compliance but has been out of the deposit compliance loop for several years. He says that as long as it was in our T&C then we should be fine.
I can’t get what the consultant said out of my head – can you help? Is there a citation that addresses this in Reg DD or Reg D? Maybe I misunderstood?
06/21/2020
When is the 2020 FFIEC BSA Exam manual effective?
06/14/2020
Do we have to change our Savings Deposits?
06/07/2020
On a joint account, Bob or Betty, if Bob makes a deposit and Betty makes a deposit, do we really have to do four part Is
05/31/2020
Is a US TIN enough for a NRA on an interest bearing account?
05/24/2020
Can my customer waive and RMD for an IRA?
06/10/2018
Can a savings account be charged an NSF fee?
05/04/2015
Under Reg D do you have to send out a notice or can you email the customer making them aware of the excessive withdrawals.