Most Popular Operations Content
Closing a gullible customer's account
09/22/2024
Suppose that you have a customer that is 100% the victim of a scam. The transactions clearly show P2P withdrawals going to random people, the customer is purchasing gift cards at dollar stores and grocery stores and admits to sending this money to "a friend." The activity gets worse and worse every time you look at it, but the transactions are all authorized debit card purchases. Therefore, it is the customer's own money being spent, and the customer refuses to believe they are speaking with a scammer. Is this reason enough to close an account for suspicious activity? Is it a waste of resources for the account to be monitored?
Centralized vs. decentralized exception categorization
09/22/2024
What are the benefits of a centralized exception categorization strategy?
Ways to categorize exception data
09/15/2024
How do financial institutions categorize their exceptions?
Completing a CTR based on who benefited
09/15/2024
A husband and wife come to the bank. The wife has an account with us the husband does not. The wife withdraws $10,000 from her checking account. Then she and her husband cash three checks not drawn on us but made payable to both of them totaling $2,500. I know we will include this on the CTR under her Part I, but should he be listed on the CTR? He only benefited from the $2,500 but is that transaction tied with her for the CTR?
Are we an ODFI, or not?
09/15/2024
We have come across this debate many times with Nacha rules whether or not we are considered an originating depository financial institution (ODFI). We do not allow our customers to originate ACH files such as payroll, etc. We do allow them to initiate WEB entries for A2A transfers from accounts that they are owners of in order to make loan payments here and transfer funds. Does this mean we are an ODFI?