Most Popular Compliance Content
Acceptance of Loan Solicitation Checks
03/24/2024
How do banks handle loan solicitation checks at their branches? Do all banks accept these types of checks, or are we even required to? If they are accepted, when do they give the customer availability or could this type of check be sent for collections? I thought collections was only for foreign checks.
Deceased Joint Accountholder Process
03/24/2024
Is this correct? Surviving joint account owner(s) can continue to use a deposit account as normal. The decedent will need to be removed from any deposit account they are an owner of. We thought the account had to be closed and another one opened but I'm hearing conflicting opinions.
Business Loan Appraisal Availability
03/17/2024
I am commercial loan broker, I have applied my client for an SBA 7a Loan, and we are near closing. The appraisal report is done, but the banker with whom I communicate, said to me that the appraisal is only available after closing. Aren't they allowed to send it, or he is doing it on purpose so we don't go with another lender?
Which Address on Flood Policy
03/17/2024
Can the legal address be used on flood policy instead of the physical address? This issue has come up where the insurance company is refusing to change the address. We asked if we could use the legal address instead.
Next Day - Same Day Availability
03/10/2024
We were recently audited and it was noted that because a customer can immediately withdraw funds from a deposit made that same day, that we should be disclosing as a same day availability bank. instead of next day availability. What is your opinion and how do you recommend wording the change on policy, notices, and disclosures? It seems most examples I find are all next day examples.