06/11/2012
I know there are certain instances in which we can exempt an account from the early withdrawal penalties as required by regulation. 1. Can we waive the early withdrawal penalty of a CD that was opened from the proceeds of a loan exclusively to pay taxes on the property securing that loan? 2. Can we waive the penalty of a CD opened by an employee of ours if that employee wants to apply those funds as a partial payment to a loan he has with our financial institution?
05/14/2012
Does Reg O cover depository accounts whereby I am making a proposal for the business depository services to a Director who owns his own business? Is it okay to waive the service charges for one year to allow time for all of the accounts to be moved and to determine the actual deposit activity once the accounts are at our bank? This is done for regular business customers from time to time when we are competing for the business.
04/30/2012
If the owner of an account is deceased, should the beneficiary close the current account and open a new one? If not, how should the account be titled?
04/30/2012
Can a business cash a check from its checking account made out to the business for 10,000 without depositing (just cashing it). Doesn't the RICO Statute fall in place and doesn't the check have to be deposited?
03/19/2012
Our Bank is located in N.J.. This pertains to our own employees' checking accounts. We would like to limit our employees to a total of 3 overdrafts per year, after which they would need to close their accounts. Are we in any compliance situation if we implement this? My other question is not employee related. We have one business owner that is constantly overdrawn. We have put an automated cap on her account to only charge her 1 overdraft fee regardless of how many checks are present against insufficient funds. We normally charge per NSF check. We do not offer this to all customers nor have we advertised this. Are we in compliance with this?
01/02/2012
We have a customer that is the sole share holder and only corporate officer on his corporate bank account. A signer (customer's employee) on the account came into the bank and removed our customer from the account. Are we (the bank) liable for any damages?
11/28/2011
A bank employee was recently terminated due to policy violation of mysterious cash outage over $1,000. The video footage did not show the employee taking the money or handing it out. The investigator spoke with the employee over the phone and the employee stated that they were innocent. Did the bank violate policy and were there sufficient grounds for the termination?
10/10/2011
We are looking at using social networking for our bank. What are some risks to evaluate?
09/26/2011
A bank employee that acts as a conductor and fully understands BSA/AML, backs out of a $20,000 split deposit after being advised that a CTR must be filed. Would this individual be violating the reporting requirements?
08/15/2011
Our bank wants to establish an employee loan program where we offer a 2% discount off of our normal customer rates. Outside of Reg O, are there any regs that I need to consider as we put this together?