Most Popular Operations Content
Handling checks payable to a minor or custodian
09/16/2018
If a check is made payable to the minor or the custodian on behalf of the minor, can the custodian cash it?
Who shares a branch?
09/16/2018
What is “shared branching” on the CTR and does it apply to us?
Requesting State Registrations for Business
09/16/2018
I have a question on the state registrations that we request from a business that is opening deposit accounts. We request the registrations for the business based on that states that they do business in. For example: a business registered in DE (but no office) but has an office that they operate out of in NH – we would request the businesses DE registrations & NH state registration as a foreign entity. We’re getting a little push back on this practice, and I’m hoping that someone can point me in the direction of if this is a regulatory requirement, or more of a business practice?
Reg CC Hold-Cashier's Check & Personal Check
09/16/2018
Please advise on the following scenario: Customer deposits a $4000 cashier's check with a $5000 personal check (total deposit $9000). This is not a new account and we have no reason according to Reg CC so be able to hold the cahier's check. The teller wishes to place a case by case hold on the remaining $5000 of the deposit. Per Reg CC would she only be able to place a hold for $4800, or could she hold the whole $5000 for two days because she has already released the $4000 due to the cashier's check?
Exempt Non-Listed Business: Savings Acct. CTR
09/09/2018
Are savings account transactions considered exempt from CTR reporting for the business customer that is an exempt non-listed business? What about cash payments to a loan account? From 31 CFR 1020.315: The exemptible accounts of a non-listed business or payroll customer include transaction accounts and money market deposit accounts. From Federal Reserve Act 19(b)(1)(C): The term "transaction account" means a deposit or account on which the depositor or account holder is permitted to make withdrawals by negotiable or transferable instrument, payment orders of withdrawals, telephone transfers, or other similar items for the purpose of making payments or transfers to third persons or others. Such term includes demand deposits, negotiable order of withdrawal accounts, savings deposits subject to automatic transfers and share draft accounts.