09/08/2024
We are considering allowing customers to use FedNow to receive instant wires. The concern is our customer receives the wire and spends the funds and a day, two, or more go by and we receive a claim to return the funds due to fraud. Which bank would have liability for a fraudulent wire transfer, the sending bank or the receiving bank? Can you provide the references that I should be looking into (UCC, Regulations, etc.)?
02/25/2024
We need an advice for below situation.
1. Our customer cashed a check for $9,230 from another bank at one of our branches on 11/21/23.
2. On 11/27/23 we received a return for this item as Stop Payment.
3. On 11/28/23 we processed a late claim returned to Fed and received the credit from Fed same day.
4. On 1/19/24 we received a late returned debit from the Fed to deal directly with the other bank. We contacted the other bank as they insisted that it wasn't a late return.
How can we resolve this situation and how we can ask other bank to pay us?
10/10/2021
We received a call from a credit union on 9-1-21 informing us that a cashier's check on them was fraudulent. We sent that check out on 8-5-21. We waited 10 business days to give the customer credit. (8-20-21)
The customer has spent more than half the funds but I placed a hold on the remaining amount. Do credit unions not return through the Fed like banks? They sent us an Indemnification Agreement to sign and send the funds back. Could this be considered a Late Return? Help!
06/23/2014
When is Reg CC going to change? I went to a seminar and the instructor stated June 1st. I have not heard anything else about this.
06/17/2013
I am trying to get updated copies of our correspondent banks capital ratios, in accordance with the requirements under Regulation F. I have been able to get all of them but one from the Federal Reserve Bank. Do I really need one from them?
05/27/2013
If you stop offering the ability to write checks from your money market account, what disclosures or notice must you give to your customers?
09/10/2012
The change on who can have a NOW account (Businesses). When was the change and in what Reg is the change found?
08/13/2012
Under the new Reg CC rules, how long can we hold New Account checks?
07/30/2012
Is there something in writing from the Federal Reserve and/or the CFPB that supports the comment in this<a href="http://www.bankersonline.com/operations/guru2012/gurus_op011612a.html "> Q and A</a> on Reg E periodic statement requirements? The Iowa Bankers Association, our compliance liaison from the Federal Reserve, and all other sources I can find seem to disagree with this point of view. They say the IF an account CAN be accessed by an EFT, regardless of whether it actually is, that at a minimum quarterly statements have to be provided (and also for each month when an EFT occurs).
06/18/2012
I see that Dodd-Frank Act Section 1073 has an effective date of January 2012. Have we seen any final rules to comply with yet?