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Latest Operations - Audit Topics

Play Ball!

06/01/1993

Does your financial institution have a softball team?

We Have To Do WHAT?!

04/01/1993

Most of our workshops and speeches throughout the country during the last month have been on security and compliance.

"FDICIA"?And The Beat Goes On

01/01/1993

We recently had the privilege of attending the Prentice Hall Conference on FDICIA (Federal Deposit Insurance Corporation Improvement Act of 1991) in Washington, DC, and would like to pass on some o

The ABC's of DD

11/01/1992

The American Bankers Association recently ran a two day conference in Washington, DC on the Truth In Savings Act (TISA), (Regulation DD) and the Savings & Community Bankers also included a majo

Question & Answer

08/01/1992

Question: We are having a hard time convincing our branch office people to fill out the $3,000 to $10,000 log carefully and forward it to us at the end of the month as they are supposed to

$950,000 BSA Violation Fine

05/01/1992

An East Coast bank was fined a $950,000 civil penalty by the Treasury Department for 111 transaction violations in March.

Audit Report

11/01/1991

How did your last examination go? For that matter, how did your last outside audit go?

The following quote should make you feel lots better...

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Most Popular Operations Content

Disclosing Actual CD Penalties

04/16/2023

What is required on a CD Partial/Early Redemption Form? The penalty we assess on CD withdrawals has been disclosed on the CD disclosures given in accordance with TISA. When a customer requests a partial/early redemption, most deposit documentation systems will generate a form for the customer to sign. In relation to the form, are we required to disclose the amount of the penalty that will be assessed? For example: A customer withdraws $10,000 and the penalty is $100. Is it acceptable for the partial redemption form to only disclose the gross withdrawal amount of $10,000? - Or - Are we required to show full itemization of the gross amount, less the penalty, and the net amount paid to the customer ( In my example, $10,000, less a penalty of $100, yields a net of $9,900 to be distributed?

Reg CC and Cashier's Checks

04/16/2023

We had a customer deposit a Cashier's Check for $92,000. He called the automated number listed on the check and it says the check was paid on Feb. 15. He now wants to wire the money out. We are concerned the check could still come back as fraudulent. What are our time frames for allowing complete use of the funds?

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