Reg CC
What is the longest time frame a hold can be placed?
9 days
Wire Fees: Domestic and International?
Domestic = $25
International = $50
What is the minimum opening deposit for every standard consumer account, with the exception of Money Markets?
$100
What is the monthly minimum for a Money Market account? What will happen if the balance drops below?
$1,000, a service fee of $15 is charged and that month's interest is forfeited.
How can John deposit Jane's check into his INDIVIDUAL account?
Jane must endorse, write "Pay to the order of John Doe", and then John will endorse underneath. Any exception to this exact order cannot be taken.
What is the most common hold type placed?
Large Dollar Hold
What are the Overdraft & Returned Item Fees?
$35 each item
What benefits do Golden Spur accounts receive?
1 order checks/year, waived paper statement fees, waived Cashier's Check fees
How long does a new account have to wait in a probationary period until they are allowed to set up External Transfers?
90 days
John Doe brings in his Cashier's Check issued a couple days ago and says he requested the incorrect Payee, and he needs a new one, what should you do?
On the original check, write "Not Used For Purposes Intended", have John Doe endorse underneath, then use the funds towards the new check.
Does Reg CC apply to all DDA accounts?
No, Savings are not covered.
Money Market monthly service fee if balance falls under threshold?
$15/month
What/who is a POA?
Power of Attorney- a written document that authorizes someone (referred to as the agent) to make decisions or take actions on someone else's (known as the principal) behalf. Typically granted when an individual is not of sound mind to make decisions for themselves.
What are Commercial NOW or IOLTA accounts typically used for?
Attorney/Lawyers/Law Firms commonly use these accounts for holding funds. These are not standard funds to be drafted on for typical transactions.
Which group of individuals are federally NOT allowed to have Online Banking access to their account?
Minors and Owners of Representative Payee accounts
When certain hold types are placed, a certain amount is available immediately. What is this amount?
$5,525
What is the hourly research fee?
$50/hour (1 hour minimum charged)
Can we open credit cards through Elan for Non-Customers?
Yes
What does it mean when an account has been Charged-Off?
The account had a negative balance for a period of time, and the institution sent the account to collections, and reported to credit bureaus
What is a Representative Payee account? How are they set up?
Holds a beneficiary’s (Owner's) Social Security or SSI payments. The funds in this account legally belong to the Owner, not the Payee, and must be used solely for the beneficiary’s direct needs/essentials. The Rep Payee is typically their guardian and is in charge of the account. The Owner cannot make changes on their own. This is commonly used for Special Needs individuals.
Established customer Gerald has $15 in his account and brings in a $10,000 check. What kind of hold should be placed, and what is the breakdown of it?
Large Dollar Hold. $5,525 available immediately as standard deposit, remainder available in 9 days.
Foreign currency order fees? One fee is charged by TIB, the second fee is charged by Frontier Bank)
TIB = $10
Frontier Bank = $20
What does TUTMA stand for?
Texas Uniform Transfers to Minors Act
A group of PTO moms come in to open a business account. They unofficially fundraise for activities for the soccer team. They are not registered with the IRS or SOS. Can they open a business account? If yes what kind?
Yes, their entity type is an Association.
What accounts are not eligible for AOD protection?
Minor, Estate, Trust, Public Funds, Employee, and IOLTA accounts