Bio:
John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He moved to Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, and as clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a participant in BOL Conferences events.
Questions Answered
12/03/2023
Can a check payable to "JANE DOE Life Estate Tenant u/t/w of John Doe, Deceased and Child 1, Child 2 & Grandchild 1, Remaindermen" be deposited into the life tenant's individual account or a multiple party account owned by all named parties?
11/26/2023
Currently, the bank I am employed by uses commercial loan applications. In my prior work lives, the banks never had a specific cmmercial loan application. Are they required? I realize some compliance related items are collected on them; but believe this could be done in another manner. Thoughts on this topic and why you would recommend keeping them or eliminating them.
11/05/2023
My bank wants to make an indemnity claim against a bank that accepted a mobile deposit of a $1,200 check that we accepted in paper form three days later. We learned from the paying bank that the mobile deposited check was indorsed with only the payee’s signature (which is all we got on the paper check when it was deposited with us. We charged the check back to our customer’s account, creating a $500 overdraft, and we have learned our customer has left the country. Can we recover the full amount of the check?
10/29/2023
We just received a $750 check that was returned to us unpaid as a duplicate presentment. There is no information on the check to indicate where it had been accepted for deposit before we took it. How can I get that information, which I will need if we have to make an indemnity claim against that other bank.
10/29/2023
If Bank A accepts a mobile deposit that is endorsed with "For Mobile Deposit Only" and that same check is then physically deposited at Bank B with that same endorsement, what bank is liable for the loss?
10/29/2023
If the source of funds for an ACH deposit appear tainted or fraudulently obtained, can the funds be legally held for return to the ODFI?
10/29/2023
We have a loan closing for a commercial property. The loan amount is $183,000 and the building is valued at $240,000. The borrower's flood policy is for $183,000 with a $50,000 deductible. He does not have sufficient cash on hand to handle a deductible this large. I told the lender the deductible is too high for the coverage amount, but the borrower is insisting on keeping his deductible at $50k. The lender says they are fine with the deductible being this high. Does that make this acceptable?
10/29/2023
We have determined that it is appropriate to inform our borrowers of HELOCs nearing maturity about the availability of loss mitigation options. These borrowers are typically not past due, but we follow 1024.39 - Early intervention requirements for 180-day and 120-day timing for live contact and Written Notice. Is the Written Notice required to include all 5 items (1024.39(b)(2)) even though the borrower is not past due?
10/22/2023
Are mobile deposits subject to our credit union’s funds availability policy?
10/15/2023
When was the first mobile deposit service in the U.S. started?
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