Maintaining Member's Privacy/Social Media/UDAAP
Given to member at time of opening account and annually.
What is the Privacy Policy?
Regulation requires federally insured credit unions to establish and maintain appropriate safeguards to protect the financial system from threats to national security.
What is Bank Secrecy Act (BSA)?
Faster and more efficient way to process a check by encouraging truncation.
Funds availability and collection of checks
What is Expedited Funds Availability Act (EFAA)?
Kauai/Niihau
What is Membership Eligibility? or Where a person have to live, worship, or work?
Forums, Blogs, Podcasts, Social Networks, Dating Sites, Image Sharing, E-books and Online Magazines, Enhanced movie experiences, etc...
What is Social Media?
Report filings of cash transactions of more than $10,000
What is Currency Transaction Report (CTR)?
Financial institutions check processors and check writers must accept it as the legal equivalent of a paper check
What is a Substitute check?
Account where an account holder can make transfers, withdrawals, deposit, electronic payments, payments to a third party, and it does not include a savings
What is a transactional account?
Type of account that must have an adult joint owner
What is an account for minors?
The Marketing Department is responsible for the proper and timely handling of Facebook, Instagram, and LinkedIn
Name, SSN/EIN/TIN, Identification, phone number, email, address, occupation, and date of birth
What is the information needed for the conductor of the transaction?
"This is a legal copy of your check. You may use it the same way you would use the original check."
What is the legend that is required on the Substitute Check?
Cash, ACH, Wires, On-Us checks, teller's checks, cashier's checks, certified checks, official checks, U.S. Treasury Checks, U.S. Postal Money Orders, Federal Reserve Bank Check, Federal/State Government checks
What is Next Day Items (Certain checks)?
$12.50 fee
What is an overdrawn/overdraft/return fee?
Key roles such as monitoring public and member feedbacks, detecting and taking corrective actions, and identifying the need for training or changes to policies, procedures, or practices.
What is consumer complaints?
Filed whenever there is an activity related to financial crime greater than $5,000 (known suspect) or greater than $25,000 (unknow suspect), bad activities, helps law enforcements
What is a Suspicious Activity Report (SAR)?
"Mobile Deposit Only, Gather FCU"
What is a restrictive endorsement?
First $275 available next business day, up to $6,450 available the second business day
What is local 2-day hold (case-by-case)?
The act or practice must cause or be likely to cause substantial injury to consumers in which they are unable to avoid.
What is Unfair, Deceptive, or Abusive Acts or Practices?
The act that requires credit unions to take extra security precautions to help the government fight the funding of terrorism and money laundering (CIP/MIP, CDD/EDD, and Beneficial Ownership)
What is the USA Patriot Act?
10 business days
How long do we have to recredit member back once a dispute is received?
Exempt from this policy as it may be delayed
What is foreign checks?