05/26/2008
I recently received training on ACH stop pays. I was informed that if a member does a stop payment it is kept as a one time stop payment for that month and once the institution returns it then we are to expire the stop payment. Is this true and can the merchant then send through another ACH the following month? Can you clarify the difference between a stop pay and a revoke? My understanding is if a consumer has a payment coming out every month and decides he or she does not want it coming out as an ACH anymore and tells the company this, it would be placed as a revoke. Would a stop pay be considered something that has not come out of the account yet?
03/24/2008
One of our customer service representatives opened a sole proprietorship account recently and titled it "Sole Proprietorship DBA Corporation". Corporation is listed as the owner of the sole proprietorship on the fictitious name registration. The account that was opened is a NOW account. I know that a sole proprietorship can have a NOW account, but in this case I am not comfortable with it. I also question whether the account is titled properly. Any insight would be appreciated.
01/28/2008
During our compliance audit we noticed that periodically hold notices are being provided to customers for exception holds that have both exception and case by case checked. Do we need to have our staff send out revised forms that have only the exception hold box checked?
12/10/2007
How in-depth should the training be for the Board of Directors in BSA? Is a general overview of BSA/AML/CIP along with an overview of the procedures in place sufficient for compliance?
11/19/2007
09/10/2007
I am a trainer and our bank has started a customer call program. They want our CSRs to go out and visit our customers. They don't want the CSRs to be pushy or aggressive with product sales, but they do want them to try to generate deposits. Our CSRs are very young and really don't know how to go about making these "courtesy" calls without coming across as a sales person. It is my job to train them or give them ideas on how to do this. Can you help?
09/25/2006
When titling a deposit account are ITF and POD interchangeable when designating beneficiaries and can there be multiple beneficiaries using either designation?
09/18/2006
I work for an advertising agency that has taken on a bank as a client. I was told that bank advertising is subject to strict regulations. I’m looking for training materials or even a seminar to attend. Do you have any suggestions?
09/18/2006
What needs to be done with an account who's owner has passed away? What are the differences if that account was joint or individual and where can I get more information on this?
09/11/2006
Is it now a requirement or just a strong recommendation that members of the Board of Directors receive training on BSA?