Most Popular Compliance Content
Redirecting an ACH credit for a closed account
02/09/2025
Can an ACH payment coming through on a closed account be posted to an account on which the owner of the closed account is only an authorized signer? The ACH is in the name of the authorized signer of the account the bank manually posted the account to.
Who signs on an account for an irrevocable trust?
02/09/2025
Does the grantor play any role in an irrevocable trust? We have a copy of the trust which states who the grantor is and who the trustee is. We didn't think the grantor had to be on the account, only the trustee. Please advise.
Credit information and privacy
02/02/2025
Can a bank or CU president perform an asset search (or any kind of search) using bank resources, on someone with just a name? For example, information on where I've worked before, how much I'm worth, etc. I ask because I live close to a banker who I do not bank with that knows way too much about me. I'm not on any social media and am a very private person.
Admin fee on consumer loans
02/02/2025
We do consumer loans consisting of auto, unsecured, and CD secured loans, and we charge an administration fee of $25.00. This fee is listed in our third-party document generation and processing system as an administrative fee that affects the APR (in other words, a finance charge). I wonder if this is acceptable for a consumer loan.
Authorized Signers and Corp. Accounts
01/26/2025
When opening a business account for a corporate entity, the authorized signers don’t necessarily have to be listed on the statement of information, is that correct? This would mean if the bank uses an internal corporate resolution form and it specifies the signers, and the form is signed by the corporate secretary, then the signers can be added, is that correct? Also, does the corporate secretary need to sign the EIN certification portion of the bank signature card, even if the corporate secretary isn’t one of the authorized signers?