Reg CC
What is Reg CC?
"Funds Availability"-States when certain check deposits MUST be made available, based on check type.
Name 3 things auditors will be looking for/at?
Possible answers:
-Clean desk policy violation
-Paperless environment violation
-Sensitive information out in the open
What is the purpose of Regulation D?
The purpose of this regulation is to ensure the financial institution has the appropriate level of reserves and to keep savings accounts from being used in the same manner as checking accounts.
When processing a deposit, you receive a yellow box indicating an extended hold will be placed. The check you are attempting to deposit is a cashier's check. You select "none of the below". Is this the appropriate drop down, why or why not?
Name 5 things included in the Clean Desk Policy email that Evan sent last week.
-Refrain from eating full meals at desk
-No technology visible on floor
-Refrain from cluttering
-Properly restart PC at end of night
-All purses, bags, lunch boxes should not be visible
-Always lock your PC-Keep work area clean, neat, organized
How many times can a client w/d or transfer from their savings account per month, prior to being charged a feee?
Limits certain types of withdrawals and transfers to a total of six (combined, not each) per monthly statement cycle.
True or false: the first $5,000 must be available the next business day on an official check that is in the amount of $23,500?
True. First $5K must be made available the next business day.
Name 5 things your team may fail audits on if auditors visited your team's area.
(Hopefully your team will not fail audit)
Name 3 types of w/d or transfers that count against the monthly limit.
-Online/Mobile Banking
-Telephone transfers or other electronic transactions, such as ACH Debit
-Checks/Drafts/Debit Card/Online Bill Payment (if allowed on savings account) transactions or other means payable to third party
Name 4 of the 9 next day items.
Bank Checks (also called Teller or Official Checks)
Cashier’s Checks
Certified Checks
Federal Home Loan Bank Checks
Federal Reserve Bank Checks
State or Local Government Checks – Including State Warrants
Travelers Cheques during the first 30 calendar days of a new client account.
U.S. Postal Service Money Orders
U.S. Treasury Checks
Per solution center, what is acceptable to have on your desk? There are 5 items.
Name 3 transaction that do not count towards monthly limit.
-By mail
-At an ATM or ATM with Teller Assist (ATA)
-In person at a financial center
A client deposits a $1200 check at 3pm on a Tuesday via ATA associate. The system places a hold on this check which will be available on Friday. The client wants to know if (1) he cashed the check, how much money can they get back, (2)if they deposit the check how much money can they get back, (3) if they go into FC, can they get all the money from check cashing immediately?
(1) Cannot cash check-deposit only with ext. hold
(2)$200 will be made available by 9am
(3) FC will get same message-no difference
Can you name 5 Non-Public Personal Information (NPPI) Identifiers?
How is the client charged (amount) once they exceed the 6 time transfer/withdrawal limit?
$10.00/Regular Savings/Custom Savings/Money Market Savings Account
No more than six Withdrawal Limit Fees are charged per monthly statement cycle.