Most Popular Compliance Content
Lease or Sale of Equipment to Merchants
03/10/2024
What is the difference between renting, leasing, or selling equipment to customers for Merchant Capture (remote deposit devices)? Are there any rules/regulations related to leasing or renting this?
Address Changes on New Accounts
03/03/2024
We continue to have issues collecting customers current physical addresses when opening new accounts. Our frontline thinks they find loopholes in our policy, deviating from the intent of the policy, and they create larger problems. Is it permissible to have a policy or procedure in place for changing the address on a new account for a new customer within 30 days of the date opened? Say if a customer opens an account on the 10th and then comes in on 21st to change their address, do other banks have a policy to collect a proof of address at this time since it is a new account?
Resubmit Check Returned as "Frozen"
03/03/2024
Can a check that was returned as FROZEN ACCOUNT be redeposited?
Handling Late Return Claims
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?
Proper Account Ownership and Styling
02/25/2024
I have a husband and daughter who have been appointed conservator for his wife (mom). According to the court documents the annual accounting to the court is waived. Can I open the account as joint for the husband and wife showing he and the daughter as conservators?