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Latest Operations - Record Retention Topics

Usage of Withdrawal Ticket

10/18/2010

Can a customer use a withdrawal ticket over the teller counter to withdraw cash from his or her NOW checking account? Are there any UCC stipulations, operational or record retention issues that would mandate a customer using a personal check.

Exchanging Company Check for Cashier's Check

09/06/2010

We have an authorized signer of a business checking account (the president of the business) who needs to get a cashier's check payable to himself, using funds from the business checking account. How/to whom should the business check be made payable? Example:John Doe is president and authorized signer for ABC Corp., and wants to bring in an ABC Corp. check and exchange it for a cashier's check payable to himself. Is the ABC Corp. check payable to John Doe (then is he considered a customer for the monetary purchase rules under BSA) or payable to ABC Corp.? Certainly, we think it should not be payable to cash or to the bank.

National Bank Record Retention

11/16/2009

How long are national banks required to keep original transaction records for in-branch withdrawals? Can you tell me where I can find the information on a regulatory website?

Returned Statement Record Retention

03/19/2007

How long do we (Deposit Operations) need to keep customer statements returned for unknown address? Take into consideration that we would keep an Excel log of the ones that come back along with the reason for return.

CIP & OFAC Record Retention Guidelines

09/25/2006

I have been posed with a record retention question regarding documentation that both a CIP and OFAC was completed on. These are internal procedures that our operations department have set up themselves and is above and beyond what I can find the regulation actually stating. Is there any guideline as to how long we need to keep such extra documentation?

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Telephones in Vaults

03/16/2025

Is it still a good practice, or industry standard, to have a telephone hidden in the cash vault? We recently revamped our phone system, and in the process, most of the vault phones in our 8 branches were disconnected. Nobody checked with the Security Officer, they just determined that the phone lines in question didn’t have any history of being used, so they got disconnected. I recently did a Security Officer walk through of all the branches and discovered the vault phones were not working. My recommendation was to hook them back up and I’m getting push back because of the cost.

Customer okays purchase but doesn't get the goods

03/16/2025

A customer authorized a transaction with Apple Cash but says they didn't receive anything. Since this transaction was authorized by the customer, is this covered under Reg E's error claims rules?. The customer was attempting to purchase something on Facebook marketplace but never got the item.

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