Money Bills
Who is on the $1 bill?
President Washington
Explain Regulation CC
Regulation CC is the Expedited Funds Availability Act which sets the minimum rules for how funds are made available to customers (as explained in the Module on Check Holds).
Why is confidentiality important?
It prevents identity theft
Customers need to be protected
To build trust
You may loose your job and/or have legal repercussions if you break confidentiality
What is the process of identifying and verifying the identity of customers; understanding the nature and purpose of customer relationships; conducting ongoing monitoring to maintain and update customer information to identify and report suspicious transactions. It is important to be observant and remember your customers behavior so you can clearly identify any changes in their habits.
Customer Due Diligence
Whose finances should be in order first?
Who is on the $10 bill?
Alexander Hamilton
What is the regulation for Compliance for Regulation DD?
The rates are posted in the lobby, materials, advertising, etc. showing the Annual Percentage Yield (APY) and the interest rate. Include the rate sheet and the Truth in Savings disclosure information with every new account opened.
To ensure confidentiality what should you request?
To see identification when discussing an account. Possibly a second form of ID or whatever your employers policy states.
What does SAR mean and stand for?
Suspicious Activity Report (SAR)
A report made by a financial institution to the Financial Crimes Enforcement Network (FinCEN) about suspicious and potentially suspicious activity.
What is the best way to write out a check?
Using cursive, writing close to leave as little space as possible, signing your name the same every time.
What are the color shifting shades of a $5 bill?
There are none
The _____ Act is an amendment to the Fair Credit Reporting Act which establishes identity theft prevention and credit history restoration, improvements in use of and consumer access to credit information, enhancing the accuracy of consumer report information, limiting the use and sharing of medical information in the financial system, financial literacy and education improvement, protecting employee misconduct investigations, and relation to state laws.
FACT Act
What are good ideas to maintain confidentiality?
•Lock file cabinets that may contain sensitive information
•Protect computers with passwords
•Do not leave confidential paperwork exposed in plain sight
•Report if keys are lost or stolen so that locks may be changed
•Use passwords that are not obvious to outsiders
•Change passwords and access codes frequently
•Never write down passwords to computers or computer programs
•Never write down access codes to vaults
What is the report that U.S. financial institutions are required to file with FinCEN for each deposit, withdrawal, exchange of currency, or other payment or transfer, by, through, or to the financial institution which involves a transaction in currency of more than $10,000?
Currency transaction reporting
How do you spot a counterfeit currency? (List 3)
Paper will be missing the blue and red fiber
Metallic ink will not change color when paper is rotated.
Patterns will no align
Wrong face on the bill
Foil Strip and watermark may be missing
Does the pen to check bills work & Why?
No, you could use corn starch on a bill and it would read as authentic.
What Regulation is the Electronic Funds Transfer Act which establishes rights, liabilities and responsibilities of all parties involved in certain electronic transactions?
Regulation E.
What information is confidential? Can you name 3?
•Name
•Address
•Account Number
•Pin
•SSN
•Account balances
•Investments
•Debts
•Account Statuses
What is Kiting?
kiting is a fraudulent way of writing a check for an amount more than what is available in the account and then covering it by writing another check from a different account for more than what was available to cover the amount of the first check. This takes advantage of “float” time, which is the time it takes a check to fully clear and become available.)
Who do you build Rapport with? (List 3)
Managers
Customers
Co-workers
What currency does not have presidents on them?
10.00 Bill Alexander Hamiton
100.00 Bill Benjamin Franklin
10,000 Bill Salmon P Chase
1.00 Coin Sacagawea
What is the compliance for Regulation P?
Safeguard customer information, including ensuring all confidential materials (applications, printouts, in-person and phone message notes, teller tapes, etc.) are destroyed according to financial institution policies and procedures. Disclosures are also provided at the time of opening a new account and included in new account information packets.
When using passwords what should you keep in mind what?
Switch then when you think they may have been discovered, On a regular basis, If your company has a security breach
Never leave them in plain sight, use passwords not associated with your personal information EX. house number, birth date, or anything that would be obvious to an outsider
What do you do if you are Credit Invisible?
•Pay all your loans and bills on time.
•Make sure all the information in your credit report is correct.
•If you currently have access to credit, don’t use too much of the credit that is available to you.
What act covers deposits of checks over $10,000?
The Secrecy in Banking Act, it assists law enforcement in tracking the flow of money from illegal sources.