11/04/2002
If our bank offers a box of checks when opening an account, does this trigger the bonus? If so, and our cost is $14.00, how would we report the 4.00 on Reg DD, and would it need to be reported anywhere else?
11/01/2002
The penultimate session at PCi's CRA and Fair Lending Colloquium was a discussion and debate on payday lending.
10/28/2002
My question is with regard to money market accounts. Our compliance officer maintains that returned checks and their fees must be counted. I say they do not. How can we count a check that the customer has deposited in good faith, and yet is returned. And to top it all off, turn around and count the service charge. Please clarify.
10/28/2002
I have a corporate customer who is a nursing home. They have asked for an interest bearing account to be used as a trust account for their patient's money. They stated that they are required by their state regulators to maintain an interest bearing account for these funds, but they must be able to release patient funds on request. Therefore, they have more than three third party checks in every statement cycle. This precludes them from being able to have a money market account and their corporate standing keeps them from having a NOW account. My question is, "Is there an exception to the NOW account rules that would allow a corporation acting as a fiduciary to have a NOW account?"
10/14/2002
Can a customer who is a business have unlimited deposits from a credit card processor deposited to their savings account?
10/14/2002
When a MMDA account is closed for writing more than three checks within a statement cycle, (Regulation D's requirement), can our institution reopen another MMDA for this customer? If so, what time frame do we have to wait?
10/07/2002
These questions are regarding compliance with OFAC requirements: (a) Are banks required to check for payee of checks drawn on them and received by them for payment across the counter or through clearing? (b) Are banks required to check for the name of the drawer of checks sent by them for clearing? (c) In case of banks which provide cash letter service to their correspondents abroad, are they required to check for both drawer and payee? If required, how do banks manage this as automated checking of this information would not be possible in most cases.
09/16/2002
We want to offer a student account for college students. If we advertise in our pamphlet that we will pay any checks that take them a hundred dollars in the negative can we also advertise the overdraft fee is 20.00? Once they surpass a hundred dollars we would not pay the check but would only charge them 15.00.
09/16/2002
A customer deposits a check for rent from a tenant on the 3rd of the month. That check is returned for NSF. How much time does the bank have to notify the customer? If they bank waits till the 28th of the month to notify the customer, and mails the returned check back with the endofmonth bank statement, would they be liable for any damages?
09/16/2002
For IRS reporting purposes, are banks required to file using customer's formal names? If the customer's SSN is accurate, can the customer name be more casual, or even a nickname in some cases?