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Offset rights when cashed check bounces

02/23/2025

Per bank policy, we have always stated that if we cash a check for a customer (it is never deposited into their account) and the check is returned, we cannot offset their account for the returned check. We (the bank) have always thought this was a regulation, but cannot find it anywhere. Is a bank permitted (or not) to debit the customer's account when a cashed item is returned?

Responding to Social Security information requests

02/16/2025

A previous manager who left our bank previously signed up to receive SSI 4641 requests electronically. We have been getting emails from the service about these requests, but we are trying to find out if we are required to respond. I read that it's legal for the Social Security Administration to request this information, but couldn't find anything stating that banks must comply,especially since i have seen that majority of the types of requests can be fake or won't have customer authorization attached to them. Are we required as a financial institution to comply with these requests?

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?

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Closing a low-balance account

04/13/2025

If a customer requests to close an account with a balance under $100, would it be a best practice to issue a cashier's check, or could we just have the customer sign a closing ticket and note that they took cash?

Signature card and substitute W-9 info

04/13/2025

I have a single member LLC that is not a disregarded entity. I have an EIN letter that says single member. Should my signature card show Single Member LLC or LLC (LLC tax classification)?

Checking credit for opening accounts for agriculture

04/06/2025

Are banks legally obligated to perform credit checks when H-2A workers apply for a basic bank account? Our banks serve large agricultural communities where farmers frequently hire foreign workers through qualified programs. Since most H-2A workers do not have established credit histories, we’re curious whether conducting credit checks is standard practice or if alternative verification methods are commonly used.

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