10/25/2010
We currently have an examiner who found a violation of Reg DD because: 1) the variable rate disclosures do not include a "box" with the variable rate change limitations when there are none. He said it must be included and the limitations must be identified; 2)all fees (not just account specific), including OD, transfers, stop pays, etc', must be on the Reg DD disclosure. Providing them on a separate document is not acceptable. I know they are the examiners, but are they right? I've never seen this before.
10/18/2010
When we have a customer who exceeds the transaction limitations on a savings account due to online transfers, we restrict him from online banking. If he also has a sweep set up for overdraft protection, we do not remove the sweep, since this is not what put him over the transaction limit. Is this a violation of the Reg? Should we restrict him from online banking as well as remove the overdraft protection sweep?
09/27/2010
Have there been any recent regulatory changes which state that an account (CD, checking, savings etc), held in the names of husband and wife jointly, cannot be retitled and placed into a trust? Do these accounts have to be closed and a new account opened? Are there issues we should be aware of due to the retitling? If so, please specify.
09/13/2010
I'm the compliance officer at a small community bank. We do not offer remote deposit capture, but from what I understand, some of our bank's commercial deposit customers have gone out on their own initiative and obtained RDC services from various third parties. Our customers are then using this platform to make deposits to their accounts at our bank. This would seem to involve risks to our bank, but I'm getting a lot of push-back from the sales side, that because our bank had nothing to do with the customer's decision to enroll in or obtain these RDC services, the bank has absolutely no risk. I'm not as convinced about that. Any help and or guidance appreciated.
08/23/2010
Since checks are not subject to the new Opt In/Out rules, what about a check that becomes a one-time ACH because of Check 21? If a customer has $50 in a checking and $1000 in savings, if he opts out (Reg E), will debit card usage be denied if the purchase is over $50?
07/05/2010
We have a customer who owns a business that is listed as a sole proprietorship with its own EIN. A man and wife own this business. They have several direct deposit accounts with us, one of them being a personal money market account. The only transactions that seem to go to the account are ACH credits for the business. These ACHs go on daily, with sometimes large amounts. I guess what I am wondering if this is OK. Shouldn't the ACH for the business be going to the business account?
06/14/2010
Is the verbal stop payment on a check still only good for fourteen days? I just want to make sure there haven't been any recent changes.
05/24/2010
Can a bank create a sweep account that sweeps an amount in excess of a maximum balance designated by the customer, create a sweep file and credit a GL (settlement account), and then instruct the system to send an e-mail to the customer? Once the e-mail is received, a messenger will physically come to the bank and hand the transfer instructions to a teller (the e-mail) to transfer the funds from the GL to the MMDA. When the DDA has insufficient funds, the opposite will happen. The system will sweep the amount necessary to bring the DDA back to the maximum balance designated by the customer, create a sweep file and then instruct the system to send an e-mail to the customer. Once the e-mail is received, a messenger will physically come to the bank and hand the transfer instructions (the e-mail) to the teller to debit the MMDA and transfer to the GL (settlement account) to satisfy the deficit balance. Is this a violation of Reg D?
03/22/2010
Is transferring electronically from checking to saving or from savings to checking a covered transfer for Reg D?
03/22/2010
With the new Reg CC changes, has the definition of next day items been affected? If not, please clarify the maximum hold time for all next day items (except cash, ACH, and wires). I understand there are no longer non-local checks and the funds availability has been changed to two(2) and seven(7) days for all local items.