Most Popular Operations Content
Real-Time Transaction Level Check Processing
11/17/2024
What are the benefits of processing checks at the transaction level vs. by batches?
Credit bureau checks for new accounts
11/17/2024
What types of accounts does a financial institution need prior authorization for from a client before running Chexsystems? How does a financial institution have to notify a client that they are going to run Chexsystems? Regarding business clients - we run biz Chexsystems on the business and the beneficial owner, correct? How do we have to notify them that we are pulling their credit to determine if we can open a new account?
Banking a sole proprietorship insurance agency
11/17/2024
When banking an insurance agency that handles only cash deposits, what documents are required? Do we have to obtain their contract agreement, if they are a sole proprietorship and are licensed with multiple agencies? I am located in Georgia and regulated by the OCC.
Completing a CTR involving multiple transactions
11/10/2024
We have a situation where a customer deposited $10,000 cash into their account that is owned by two other individuals. Later in the same day, one of the individuals makes a $200 change order on their own personal joint account. How do we complete the CTR? Do we include the 3 joint account owners for the $10,000 cash deposit, then add a role for the individual for the $200change order or do we only list the individual that was involved with the $10,000 cash deposit, with the transaction being conducted on their behalf (with no one conducting the transaction) and the $200 change order conducted on their own behalf.
Powers of an authorized signer on a trust account
11/10/2024
A trustee has appointed an authorized signer (not a successor trustee in this case) to their trust. The trust documents give them the power to do this. If the trustee who appoints the authorized signer dies, when do the powers of the authorized signer cease? At the time the trustee's death, or when new trust documents are drafted by the successor trustee(s)?