09/06/2004
Currently we are in the process of updating various agreement forms. One of the forms regarding "Automatic Transfer Authorization" that we are using has a statement concerning making a payment for a loan from the customer's account with an overdraft protection LOC attached to it. We indicate that the bank will not take into account any LOC when considering if there are adequate funds to complete the transfer or make the payment as agreed to. My question is: Do we have to include such a statement? Is there any regulation, law, or UCC article that would govern this?
01/19/2004
Are fees for UCC recording considered a prepaid fee?
09/29/2003
I am concerned that we are not following the UCC regarding oral stop payments. We send a letter 14 days after the 14day expiration time and then again 7 days after that. So, we have a stop payment on the books unsigned for approximately 35 days. If we do not get a response we will delete the stop payment. Is this considered to be acceptable?
09/22/2003
Can we refuse to accept stop payments over the phone?
09/22/2003
When are we allowed to place holds, using exception hold criteria, on nextdayavailable items? I am aware that we can hold amounts over $5,000.00 on new accounts, but are there any other situations when this is allowable? I have a situation where a customer deposited a cashier's check, but all of the information is not consistent. The written amount is different from the numerical amount. Are we allowed to place a hold in this situation?
05/05/2003
What are a lawyer's options, in regard to advancement, should he/she take a position as a compliance officer? Are there any case studies or examples of those who have moved on to be a General Counsel or other Management position after starting as Compliance Officer?
04/14/2003
Is there a law or regulation that specifically addresses depositing a check made payable to a business into a personal account?
12/02/2002
Is there any guidance as to when it is appropriate to put stop payments on official bank checks? We've had a couple of instances where customers have purchased cashier's checks, the checks eventually get lost in the mail, and then the customer wants us to readvance the funds without putting a stop payment on the original cashier's check. We've always told the customer that in order to readvance the funds they would first need to put a stop payment on the 1st check or wait until the 90 days has expired. We also have the customer sign an indemnification agreement.
09/16/2002
A customer deposits a check for rent from a tenant on the 3rd of the month. That check is returned for NSF. How much time does the bank have to notify the customer? If they bank waits till the 28th of the month to notify the customer, and mails the returned check back with the endofmonth bank statement, would they be liable for any damages?
09/02/2002
I have been approached by a customer who banks with another financial institution for information because they have not been recredited for forgery losses that they reported to their bank. Their question is... Is there a specific time frame that a bank must follow in recrediting a customer who submits an affidavit of forgery for a forged makers signature? I understand that the customer has one year to report the forgery unless the account agreements specify a different time period, but I am not aware of any banking regulation that states that the bank has to provide credit to the customer within a specific time frame. Can you help clear this up?