Most Popular Operations Content
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?
Checks with ambiguous payee wording
09/15/2024
What does “A/G/O” mean when in a payee line? For example, “Susan Smith A/G/O Bandon Counts.”
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?
The cost of check fraud
09/08/2024
How much is fraud actually costing your institution?