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Bank Closing Account Sample Letter
Contributed by:Manager‚ Technology
Asset size: Bank with between $250m - $500m
Location: West
Description: Closed Account Notification This letter is to inform you that (Bank) has made the decision to close your checking account (# xxxxx). T

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MORE PEER CONTRIBUTED DOCUMENTS:

1144 Documents 37 Answers 7 Exam Watches 106 Vendor Reviews

Bank Closing Account for Fraud Sample Letter
Asset size: with between $250m - $500m
Description: Dear Customer: In order for account holders to maintain their account at Your Bank, it is our policy that each account be handled in a satisfactory manner. As a result of recent activity
Job descriptions (CEO, CFO, CAO, CLO)
Asset size: with between $500m - $1b
Description: Job descriptions for CEO, CFO, CAO, CLO
Management Succession Plan
Asset size: with under $250m
Description: Management succession plan for CEO, CLO, CFO, COO and Internal Audit/Security Officer


RELATED QUESTIONS AND ANSWERS:
Q
Closing account due to suspected check kiting.
Asked by: VP,‚ Compliance/BSA/Legal
Asset size: Bank with
Location:KS

We are going to close an account due to suspected check kiting. Do we need to send the customer a letter stating why we are closing their account? If so, what needs to be included in the letter? Could you provide a sample?
A
Answered by:Manager, ‚ Back Office/Deposit Operations
Asset size: Bank with under $250m
Location: TX

We use the following (of course, you may tweak it to meet your specifications. We send it...
Q
Procedure /Process for Closing Deposit Accounts Suspected of Fraud
Asked by: Compliance/BSA/Legal
Asset size: Bank with
Location:OH

It was not so long ago that we could rely on our account signature card contracts for direction on the bank's rights to close out account(s) and/or account relationships. It was all about safety and protecting the bank and investors. Not so much today.

Does anyone have procedures for closing deposit accounts (initiated by the bank) if possible fraud or any other matter is involved? Sample notification to the consumer? Proper documentation and time frames? a flow chart for employee training? Anything? Examiners and auditors are requesting written processes.

Any assistance would be apreciated. We are an FDIC regulated institution.



A
Answered by:Manager, ‚ Back Office/Deposit Operations
Asset size: Bank with under $250m
Location: TX

This is a part of the letter we send when we want to close out the account. I also have a...


RELATED EXAM EXPERIENCES:
OCC - Compliance | January 2012
exam experience posted by a CFO‚ Finance/Investments from member with under $250m in assets
The examiner wanted the bank to have specific account closing procedures if an account had continuing suspicious activity.
State Regulatory - BSA/AML | February 2014
exam experience posted by a VP‚ Compliance/BSA/Legal from member with between $250m - $500m in assets
Any accounts with only numbers but no name on the account like internal accounts or private bank accounts
FDIC - BSA/AML | August 2011
exam experience posted by a COO‚ Finance/Investments from member with under $250m in assets
Explain why FinCen didn't get a CTR that was apparently filed by the bank but not recieved. Why did bank not follow-up to obtain documentation on a Permanent Resident Card which expired a year after an account was opened.

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