11/19/2012
I would like to know more about Expedited Funds Availability Act.
11/12/2012
What if our customer will not provide a physical address for CTR filing? He will only provide a PO box.
11/05/2012
We don't place the regulatory 9 day hold on new account deposits. However, we do place exception holds once in awhile (7 day). A Compliance Trainer told us that if you do the regulatory 9 day hold on new account deposits, you have to do it for all of them - you can't pick and choose. Is that true?
10/29/2012
Does Reg E require us to list the full account number on the periodic statements, specifically those that are e-statements?
10/15/2012
I was contacted by my customer "Charlie Customer" and he asked to have two stop payments placed against two personal checks each for $5,000.00. The following day a now previous employee cashed these two checks for Frank Fraud, the payee. These two checks were supposed to be earnest money for a upcoming home sale that fell through due to Frank Fraud and no contract was signed since they operated under a gentleman's agreement so Charlie Customer did not receive any services or products for these two checks. We made contact with Frank Fraud who of course refused to bring the funds back to the bank. Question: Does the bank have any legal recourse to recover these funds? It seems the only person that would be able to file a suit would be Charlie Customer; however, since he placed the stop payment, the funds came from the bank instead of Charlie Customer's account and he now has no motivation to file suit since he isn't out any money. We referred to the UCC code for our state however; like most states it covers the customer's damages and doesn't seem to give any guidance to the financial institution.
10/08/2012
If a customer deposits two checks, one official check for $1,500 and another check for $4,500 deposit of $6,000 can hold be put on account for deposit exceeds $5,000 since the one item is an official check?
10/01/2012
We are currently trying to put together a checking account for teens. We plan on not offering ODP, not allowing checks, and limiting the maximum ATM daily limit to a lower level than our other accounts. Would we be in violation of any regulation?
10/01/2012
I understand that Reg CC availability schedules do not govern checks deposited to nontransactional accounts. However, I have also read that if you give your Funds Availability policy to all account holders regardless of the type of account, as many banks do to avoid the possibility of failing to give it in required situations, that your actual availability policy for nontransaction accounts must match what your disclosure says. Should the bank add a clause to the disclosure or can we qualify the reference within the disclosure to read "funds deposit into your 'transactional' account may be delayed...."
09/24/2012
If a customer deposits a cashier's check for $50,000 and the branch wanted to place a case by case hold, should the first $5000 still be made available and the remaining $45,000 held for two business days?
09/24/2012
I am wondering if the following situation is considered kiting. A customer works for local grocery store. The customer writes checks to the grocery store and cashes them, then brings the cash to deposit into her account to cover check written the day before.