Most Popular Compliance Content
A debit card, a Cash App account, and a stolen phone
03/30/2025
We have a customer who gave her grandson (who is not on her account) permission to put her debit card on the grandson's Cash App account. There have been transfers from our customer's account by debit card, to the Cash App account that is in the grandson's name. They claim the grandson's phone was stolen and that the transfers were made by the person who stole the phone, not the grandson who was given authority to use the card. Where would the liability fall since the transfers went to an account in the name of a person who was given authority to use the debit card, but that person claims it was theft?
Document audit logging
03/30/2025
What is document audit logging?
Authorized signers and multi-account signature card
03/23/2025
Currently, when a customer comes into the bank and wants to add an agent/attorney-in-fact under a power of attorney to their accounts, we print a signature card for each account and have the principal (if able) and agent sign the signature card(s). Whether there is one account or 20. However, we are talking about possibly using one signature card for all accounts. Can we just list each of the different account numbers on one signature card and use the one signature card for allaccounts?
When the States Come Marching In
03/16/2025
Have you ever been standing on the side of the street waiting for a parade to start?
Authorized signers and ChexSystems reports
03/09/2025
We have a legitimate business need/permissible purpose to pull ChexSystems reports on those looking to open a consumer account. We know we do not need to get a consumer's permission to do so if they are asking to open an account in their names. I was wondering if it works with business accounts (signers on business accounts as well). And will there be an issue if we report to ChexSystems?