07/28/2024
Two of our depositors receive direct deposits of both VA and Social Security benefit payments to their joint checking account. We received a garnishment order naming one of them as judgment debtor. When we looked back over the past two months’ account activity, we found two direct deposits for Social Security benefits and two for VA benefits. These customers routinely move their SSA and VA deposits into their savings account soon after they are received, and appear to meet their monthly bills using monthly IRA disbursements.
Can we treat the SSA and VA funds in the savings account as “protected funds”?
07/21/2024
Can a personal certificate of deposit account have authorized signers?
07/21/2024
Our institution has chosen not to charge NSF fees on ANY ATM/debit
card transactions whether they are one time or recurring. Having said that, if we
are in an APSN situation at end of day and the account is now overdrawn, we
DO charge an Overdraft Fee (even if the only item causing the overdrawn
balance is the ATM/Debit card transaction). Would this be perceived at
UDAP/UDAAP? Additionally, both NSF fees and OD fees are the same amount.
07/14/2024
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?
07/14/2024
We have a HELOC that is maturing 7/15/2024. Both borrowers are deceased. The son was paying the interest due each month. He does not qualify to put the loan in his name. We have agreed to give him a 90-day extension to either sell the home or get financing to payoff our loan.
I have a copy of each of the borrowers' wills. Everything was bequeathed to the son and daughter equally. The daughter was named as the personal representative of the will and was authorized and empowered to sell, dispose of and convey all property, of every kind and character, which is owned at the time of death. My question is, who has to sign the loan extension documents? Is it the personalrepresentative of the estate?
07/14/2024
What regulation does collateral inspections fall under?
07/14/2024
Are we required to give the customer a letter stating they have the right to quash the motion on summonses and subpoenas with the exception of Grand Jury?
07/07/2024
I have a CTR question. Husband writes a check to Wife for $10,000.00 and she cashes it. Husband then uses the ATM to withdraw $600.00 from his debit card. There is no way to know if both of them are benefiting from each transaction.
Would a CTR be filed?
07/07/2024
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?
06/30/2024
If we do a cash advance for a customer on a card that was issued by another financial institution and deposit the cash into the customer's account at our institution, are we allowed to pull the funds back out of the account if a dispute is filed that results in a chargeback on the cash advance transaction?