How long is a 'new' account new?
05/06/2002
I can not get a clear answer on what length of time do we consider an account "New".
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.
You may contact John via email at jburnett@bankersonline.com.
05/06/2002
I can not get a clear answer on what length of time do we consider an account "New".
05/06/2002
What types of accounts is a LLC allowed to have?
05/06/2002
Is a corporate seal required on a corporate resolution to be valid? Are there any required documents for sole proprietorship accounts?
05/06/2002
I have a question regarding how far does a customer's authorization go? Our bank is experiencing several charges, identified as POS, from an Internet service provider for customer accounts, which at the time of the charges, were closed with zero balances. The bank sends the network a balance file every night to The Midwest Money Access Services (MAC). When customer account balances are zero or the account is closed, how could the charges continue to be charged to the bank? When we talk with MAC representatives, they say that the service provider has the authority toinitiate the charge based on the prior customer authorization. They say this situation is like a recurring loan payment.
05/06/2002
We currently offer internet banking to include the ability of transfering between accounts. We have received many requests to allow for transfers between business and personal accounts via internet banking. What potential risks are we taking to allow these interactions?
05/06/2002
Reg D Limits: (Scenario: MMDA i/n/o "Deposit Broker, as Agents for others" for which daily settlements are effected.) Are wire transfers from the MMDA limited to 6 per month when the request to wire funds is hand delivered to the institution by a messenger from the deposit broker?
05/06/2002
When you receive a flood hazard determination stating that Federal flood insurance is not available because the community is not participating in the NFIP, does that mean that the customer does not have to get flood insurance?
05/06/2002
After reading Reg D several times, I still have questions. If I understand it correctly, a customer can withdraw or transfer from a savings account as many times as he chooses if it's in person. Is this your understanding?