Making Bank
What is the amount held in central locked drawer?
$5000
Who in the branch an auxiliary member with RCMP before joining Scotiabank ?
Our lovely CEL - Donna
How much does someone automatically get thru FFT when they deposit a cheque?
The first $100 per CAD cheque as FX does not fall under this policy! Capped at 4 cheques per day up to $100 each
Up to available pre authorized cash back
Federal government cheques… CANADA - $1750
Who has access to banking?
Everyone as long as they can provide proper ID
If they can’t… we provide a Written Notice of refusal
What does FATCA abbreviation stand for?
FOREIGN ACCOUNT TAX COMPLIANCE ACT
How many times in a week does management review drawer limits and that bandit boxes are closed?
At minimum- once a week! But let’s be real I’m looking every time I’m up there!!
Who from the branch had participated in a rodeo?
Jenn.. went 5 sec smack off a sheep when I was 10 yrs old
Small business- since FFT does NOT automatically hold cheques… what are small business customers allowed?
Hold must be placed…
1. Account opened less than one year must have holds above their daily cash back limit
2. Accounts open longer than a year.. look at CUCU link on relationship.. A B or C .. Cel and Am can grant exception
CRI D or E .. must hold it all
3. Federal government cheques at $1750
We also use Written Notice of Refusal for…
Refusing to cash Federal Govt Chq.
Because
They don’t have proper ID, chq appears to be counterfeit, reasonable grounds to fraudulent activity MICR # 117
Where do you find the FATCA form to complete?
In CIR
Scotiabanks cheque hold policy is based on Canadian Payments Association and covers what items?
Certified cheques, bank drafts, money orders and cheques!
When must a UTR be filed and who completes it?
When an unusual attempt or completed transaction takes place!
The AMLCO must be informed and they complete the form!
UTR are completed when there is no reasonable explanation for why it happened. Don’t want correspondence sent to home address, frequent name changes, uncommon interest about internal policy, secretive or nervous, cx engaging with suspicious text or emails, cx comes accompanied with someone who has their id and speaks for them, wire transfers frequently returned, account appears to have cash flow but very little typical banking activity, frequent purchases/ payments to online gambling, frequent abm withdrawals not owned by FI, cx asking to raise pos/ abm limits prior to depositing a cheque, to name a few
TWhat are some of the High Risk Indicators and items to consider when making a decision to override a hold?
1. Previous deposit history- NSF history
2. Customers overall relationship with bank and amount on deposits of cleared funds already on deposit.
3. Source of funds
4. Third party deposit- manual hold must be placed on non cash items before posting the item.. no cash back allowed
5. Customers with credit accounts currently delinquent
6. Notes in sales builder
What steps would we need take if we had a on the phone appointment with a customer before we get into the task at hand?
Complete remote KYC in CIR
We would also use this when sending documents thru econsent.
As of Jan 2021 - FATCA & CRS mandated a tax residency self certification be obtained when?
On boarding of all new customers
And /or
Change of circumstance from all existing customers hold in scope accounts
Penalty of $2500 per customer, per account , per regime
Before accepting any cheque… what do we look for?
S- stale dated
A- account open less than 90 days
F - fraud .. counterfeit & material alterations
E - is it double endorsed
Also.. the obvious ones.. is it signed by payor and do body and figures match
When would we complete a credit card audit?
Only management can log in CIR credit card binder.
Then once a day .. an employee must count and cross reference the amount in the system and the amount in the drawer.. if they don’t match then we must locate the difference and correct and add comments
Then once a week.. a credit card audit must be completed. This must fluctuate every week…
What are some reasons that a cheque is returned by OFI?
1. Nsf
2. Payment stopped
3. Postdated
4. Stale dated
5. Duplicate
6. Account closed
7. Funds not cleared
8. Body and figures don’t match
9. Fraud- counterfeit. Intended payer not paid
What happens when you lock Farid in the vault?
1. You laugh
2. Ignore him
3. Tell him to seek out the tools in the vault and plan an escape
When completing FATCA for Small Business, what do you have to do with the eform?
What is the hold per policy for cheques drawn on Canadian, US and International banks?
Canada - 4 days plus day of deposit
US with Canadian OFI - 9 plus day of deposit
US with US OFI -19 days plus day of deposit
International - 29 days plus day of deposit
What is a lock out officer?
Someone who stands guard and watches when money movements occurs. Ideally large amounts should only be move when we are closed to the public
Why would we extend a hold on a cheque and what steps do we need to take when doing so?
Hold period may be extended or the access to the first $100 refused because
1 reasonable grounds to be illegal or fraud
2. Cheque deposit to account open less than 90 days
3. Cheque endorsed more than once
4. Cheque stale dated
A notice of refusal must be completed
Who from the branch is a celebrity?
No.. it’s not Farid…
Kiran… she has been on TV 5 times!
When MUST FATCA be completed?
On boarding new customers
And /or change of circumstances…
Change of address or phone number to/from us or foreign country, place of birth in US, ID of account holder as Foreign country, opening new scope account or set up PoA, change of controlling person info, SIC code change
In scope accounts….
Deposit accounts, custodial accounts,
Out of scope accounts….
Loans, RRSP TFSA estate accounts