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Latest Operations - Savings Accounts Topics

Advertising Health Savings Accounts

08/20/2007

Does using the phrase "Health Savings Accounts" in an ad require us to disclose the fees with the account? We aren't saying it's a free account, just saying that we have Health Savings Accounts available.

Reg CC & Savings Accounts

12/11/2006

Does the Reg CC apply to savings accounts? Can a hold be placed on a cashier's check if it is deposited into a savings account?

Regular/Youth Savings & Transfer Limitations

11/06/2006

Are regular/youth savings accounts subject to the same "consequences" of exceeding limits as Money Market accounts? In other words, if transaction limits are exceeded for a regular savings account, does that account have to be closed? In my previous experience, we have charged the customer a pre-set over-usage fee but did not close the account.

New Account Giveaway

10/30/2006

Our bank is considering giving a welcome mat (cost between $25-$30 ) to new account customers. Are there different rules for interest bearing checking, savings accounts, money market accounts, certificates of deposit, and non-interest bearing checking accounts? Are there 1099 implications for any of these accounts?

Savings Accts Reclassified as Transaction Accounts

10/09/2006

We have savings accounts that are reclassified as transaction accounts. Regarding call reports, are these accounts limited by the same six transfers restrictions as a regular savings account as they are now on the transaction side of the General ledger along with our Now accounts?

A Signature Card for Every Account?

08/21/2006

What are the legal requirements for signature cards when a customer has more than one account with the bank? Are we required to have a signature card for every account or if the customer has more than one account but they are all in the same name, can you refer to the signature card already on file?

Refusing & Returning Drafts on Savings Accounts

04/24/2006

We are seeing an increasing number of drafts come through on savings accounts, including a few fraudulent items which we were not able to identify as fraudulent within 24 hours. In our depositor's agreement we state that "We may refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit..." Operationally, we have discovered a way to identify the drafts drawn on savings accounts the day they come in. Can we legally say that we do not accept drafts on savings accounts and return any that come in?

The Legal Issues of Closing Joint Savings Accounts

03/13/2006

A husband and wife have a joint passbook account, the husband comes in and says he lost the book and wants to close the account. The customer wants two checks made payable to each of them individually. The customer signs a lost passbook affidavit. The check is then cut and one is made payable to the husband, the other to the wife. Is there a legal issue in doing this?

Business MMDA & Telephone Transfers

03/06/2006

Is a business MMDA prohibited from conducting telephone transfer transactions? If so, could you identify the paragraph in Reg D that prohibits such transactions?

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3 items for Reg E liability

09/22/2024

A customer had a charge out of his account six months ago. That’s old and means he has unlimited liability so we don’t have to investigate it. Is that right?

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?

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?

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