Regulation Round-up
It's the regulation outlining rules and procedures for EFT, most commonly referenced when ordering debit cards.
What is Reg E?
Social Security number and an Active Account.
What are two things required to register for OLB?
This form needs to be completed if you suspect a bill is counterfeit.
What is the Counterfeit Note Report?
The minimum percentage of beneficial ownership in a business to be recorded on the form for required legal entities.
What is 25%?
This is the regulation that causes a $15 charge for every electronic transfer out of a savings or money market account over the 6 per month allowance.
What is Reg D?
9am, 12pm, 2pm, 4pm - every business day.
What are times that Deposit Operations reviews OLB registrations?
This type of con artist may ask you to exchange bills and "palm" some of the money right before your eyes.
What is a Flim-Flam Artist?
These 4 entities are exempt from filing a Beneficial Ownership form.
What are sole proprietorships, unincorporated lodge associations, municipalities, and estates?
Only customers in the Freedom Ultra minor are eligible for this type of debit card.
What is a World Debit Black Card?
It's the regulation that governs the availability of funds deposited into an account and the collection and return of checks.
What is Reg CC?
These two things remain viewable in OLB for 2 years.
What are account activity and online statements?
ATMs should be inspected daily for signs of tampering, such as the installation of this device.
What is a skimmer?
A trust requires Control Person Beneficial Ownership information only when it is this.
What is registered with the Secretary of State?
This form documents the permissions authorized for each owner/signer of a business to conduct transactions on its behalf.
What is a business resolution?
The purpose of this regulation is to enable consumers to make informed decisions about their accounts at depository institutions using uniform disclosures.
What is Reg DD?
This service allows customers to make a loan payment from a non-WTC account.
What is External Loan Payments?
This slang term describes a type of scam that typically targets millennials using Instagram, Twitter, Facebook, and Snapchat.
What is Crackin' Cards?
Do this once you receive and verify a photocopy of a Beneficial Owner's driver's license.
What is shred/destroy?
IRA CDs no longer have a withdrawal penalty after this age.
What is 59 1/2?
This federal law is designed to enable banks to handle checks electronically.
What is Check 21?
The length of time you can view cleared check images in OLB.
What is 90 days?
The practice of "floating" non-existent funds by depositing a check in a bank account and then withdrawing those funds before the deposited check "bounces".
What is check kiting?
A Beneficial Ownership CD form is required for this type of CD.
What is an "add on money" feature?
Accounts with these 5 types of ownership cannot be used as hold accounts.
What are IRAs, Custodian, Guardianship, Conservatorship, and Trust accounts?