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Dealing with Dormant Accounts

11/23/2020

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Daniel Sclafani
Senior Auditor

What are four dreaded words in banking operations? Date - of - last - contact. Dormant accounts (i.e., accounts with no activity for a certain period of time) can prove challenging for banks, as employees need to contact each customer who has a dormant account for more information and to discuss possible reactivation. So what can your bank do to lessen the burden of dormant account tracking?

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Planning in a Consolidating Banking Industry – Revisited

3/19/2019

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In August 2015, a colleague of mine wrote an article titled Planning in a Consolidating Banking Industry.
Now that it is 2019, I took a look at the article to determine whether his predictions, as shown below, are accurate and if there is a decline in banking organizations.

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Flood Coverage – Still a Hot Regulatory Issue

2/20/2019

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Photo Credit: Galina Peshkova

Flood certifications, coverage, insurance, and placement – these are common in any financial institution’s compliance vocabulary nowadays. It’s no secret that all regulatory agencies have had “flood” as a hot topic for the past few review cycles. Financial institutions have been reinforcing their knowledge and awareness of the issue. Yet, even with all of the training that banks and credit unions have paid for and had their employees attend, why are financial institutions still receiving flood violations?

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Regulation E and Business Account Errors

11/6/2017

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Photo Credit: olegdudko

I was asked this week, how and when does Regulation E apply to business customers if they report a claim? My answer: it doesn’t, but it could.
Regulation E is otherwise known as 12 CFR 1005, Electronic Funds Transfers. The Electronic Funds Transfer Act was passed in 1978 by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants with respect to electronic funds transfer activities.

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Is Regulation CC Put on the Back Burner?

8/15/2017

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Photo Credit: prykhodov

Regulation CC was enacted in 1987 in order to standardize hold periods on deposits made to banks and to regulate a bank’s use of deposit holds. There have been many changes throughout the years, but one in particular is that all checks are considered local and clear on a much timelier basis than in earlier years. One thing that remains unchanged is Regulation CC applies to both personal customers and commercial customers.

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Dealing with Dormant Accounts

Planning in a Consolidating Banking Industry – Revisited

Flood Coverage – Still a Hot Regulatory Issue

Regulation E and Business Account Errors

Is Regulation CC Put on the Back Burner?

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