Most Popular Compliance Content
General Rules for Account Agreement Changes
05/05/2019
Our attorney posed a question to me that he received from a customer. He wants to know under what circumstance do we change our deposit disclosures? I told him when we have a regulatory change or a policy/product/service charge or other change. Also, I said if the change is adverse to the deposit customer we have to notify them in a certain number of days according the change requirement or regulatory requirement. If the change is to the customer's benefit, we may or may not do a mailing and just post it on the website, social media or on the their statement. Our attorney wants to know the general rules for account agreement changes, when to change them and where it appears regarding the adverse change or customer benefit change. Any thoughts?
Owner of Sole Prop Business Account-Cashing Checks
05/05/2019
Should the owner of a sole proprietor business account cash checks made payable to him personally using the business account?
Check Log Required if Cashiers Check Over 10k?
05/05/2019
If a customer purchases a cashiers check with cash over $10,000 I know the CTR is required, but are we still required to do the check log? I thought the check log register was only for amounts $3,000.00 - $10,000.00.
Account Opening and Selection Notice
05/05/2019
For account opening, my bank requires a separate application, signature card, and Uniform Single-Party or Multi-Party Account Selection Notice. Is there a regulation/law/code that requires all of these to match? While auditing, I noticed POD selection and information missing from an application; however, the beneficiary has been named [properly] on the selection notice. Do I need to have the customer complete a new application?
Corporate Banking Resolutions-Banking Relationship
05/05/2019
Is a Corporate Banking Resolutions on a bank's letterhead which is completed and certified by the Board Secretary with the corporate seal affixed, sufficient to memorialize a resolution taken by a company's board of directors regarding actions related to a banking relationship such as appointing a new board secretary or adding and deleting signers?