05/26/2008
If you receive a stop payment on a check after the check has cleared how long do you have to return the check? We were told by our clearing house that we can return it for up to 60 days. I thought you only had 24 hours to return a check. We need to know which is in compliance.
11/26/2007
When we receive notice of non-payment of a deposited item from the paying bank, Reg CC section 229.33 requires that we notify the customer when it is a large item. Can we hold the funds in the account until the item is returned and do we have to provide a Reg CC hold notice? Does this also apply for any amount, not just large items?
10/22/2007
If a member sends in a check to pay his loan and on the back of the check he writes that accepting the check constitutes payment in full, what do we do with the check if the payoff is insufficient?
09/10/2007
We have printed on the back of our statements "please examine immediately and report if incorrect. If no reply is received within 14 days, the account will be considered correct." My question is, can we do that? I know there are different time frames depending on the type of transaction, but this time frame seems shortened. What are the compliance issues with this statement? Should it be changed? We send out full Reg E disclosures yearly.
02/12/2007
I am the Electronic Banking Specialist for [Bank Name Withheld]. We are having a debate among ourselves and our Legal Department regarding whether or not check imaging is covered by Reg E. One opinion has to do with whether the check image is truncated or not; another has to do with the intent for imaging, whether as a tool for the merchant to recover funds on a returned item, or as a bank tool to pacify clients who want their checks back. I would appreciate any input that you might offer as you have a more industry-wide view available, as well as experience in compliance and Reg E issues.
10/16/2006
When placing a stop payment on an official check, our bank policy allows employees to sign the indemnity agreement instead of the customer, both for claiming that the check has been lost, stolen, or destroyed and for acknowledging receipt of the replacement item. Bank employees are signing the indemnity agreement even when the customer is local and able to sign the indemnity agreement themselves. What risk does our bank face, if any, by doing this? Are there any legal or compliance issues we should be concerned with?
08/21/2006
I know you can't "stop payment" on a cashier's check but you can "refuse to pay" if the remitter or payee asserts a claim in writing because the check is lost, destroyed or stolen? Can we charge the customer our Stop Payment Fee of $20.00 for this service or would we have to change our Schedule of Fees to include a "Refusal to Pay" fee before we could charge for this service?
04/03/2006
Can a hold be placed on a cashier's check (not one issued by us)? If not, and the check is returned to us as counterfeit, forged, etc. what should be done? How can we protect our bank?
08/29/2005
We have a couple of signs at our teller line that simply states the cut-off time for transactions to post on the next days business. Fed examiners are telling me that the Funds Availability Policy that we have posted in the lobby should also be posted a couple of places in the teller area as part of the sign the states "transactions taken after 4:00 will be posted on the next business day". Is this a new part of the Reg? I have been in banking for 30 years and have never heard of such a thing.
07/18/2005
Is it required that we send notification of overdrafts that take place. We did make note of it on our quarterly statement that we would no longer doing this. Are we in compliance?