You know what makes me mad? It’s when a customer makes a stupid choice to EFT money, then wants to make a claim so they can get that money back from the bank. When the bank has a claim for an unauthorized EFT, it costs the bank real money.
Training is a Pillar of your BSA/AML compliance program. And there is so must to train on! A new CTR, big changes on a new SAR, new beneficial ownership rules and risk-based customer due diligence. Is your staff ready and trained?
Recorded on September 06, 2018
IRS Reporting Requirements: 1098s, 1099s, TINs and Backup Withholding
It has always been said that no job is finished until the paperwork is done, and that is certainly true for your credit union and its IRS reporting responsibilities.
When the bank has a claim for an unauthorized EFT, it costs you money. The choices you make will determine how much that will be. If you pay every claim, you may be giving away profits.
The conundrum, a branch wants to raffle off homemade pies to raise money for a charity near and dear to the heart of those bankers. But is this a raffle, a contest or a lottery?