TOPIC: Checking Accounts

Account Perks for Stockholders

Manager at a bank ($66MUSA)
Currently we offer some perks to the handful of stockholders we have, we give them free checks, free safe deposit boxes, and we waive some service charges. 

These are a remnant of previous ownership, and management is looking to do away with them altogether, but they have a few questions. 

Do any other banks give these perks to their stock holders?

Does having these perks put us at any Consumer Compliance risk?

Would we need to issue new disclosures when we make these changes? 
We are certain that these perks are not listed in their account disclosures because 1) These accounts are so old that they were opened before the fee disclosures were mandatory and 2) We don't have a type of account on our system with these fees waived. The perks are kind of just given to them. 

We are a small ($66mm) community state-chartered bank in Texas, and we are not publicly traded. 



    Demonstration | Preventing Losses from Check Kiting and Check Fraud Schemes - Join us May 20

    May 20 at 12:30 PM - 01:30 PM EST
    Preventing Losses from Check Kiting and Check Fraud Schemes
    Detecting fraudulent in-clearing checks

    Register Now

    Despite the rise of online banking products, criminals continue to exploit traditional transaction channels for fraudulent activity. Checks are particularly vulnerable, and as millions of Americans have begun receiving economic stimulus payments, stolen and counterfeit checks are a chief concern.

    Join us for a demonstration of Verafin's Fraud Detection and Management solution that leverages machine learning, image analysis and Optical Character Recognition (OCR) to help detect fraudulent checks and reduce false positive alerts. In this presentation, we will demonstrate Verafin’s targeted fraud detection scenarios including Stolen/Counterfeit Checks, Duplicate Check Number, Sequence Number Jump, and Check Kiting.

    Register Now

      How to Optimize Your Digital Banking Experience for the New Normal

      The Coronavirus crisis has forced the banking world to compress years change into weeks. As we adjust to the realities of the new normal and fewer face-to-face in-branch interactions, credit unions must now deliver an excellent member experience, digitally. 
      Register for this webinar on Wednesday, May 20th at 2pm to learn actionable steps and best practices that credit unions of any size can easily implement that will allow you to: 
      • Improve the member experience by providing automated self-service 
      • Increase technology adoption while reducing the number of calls and emails
      • Drive more product adoption via your mobile and online banking 
      Register
      Can't make it? Register anyways and we will send you the recording afterwards!

        Foreign Transaction Fees

        Manager at a bank ($83MUSA)
        Hello,

        We're in the middle of a vendor conversion and have decided to allow foreign debit card transactions to customers while traveling. Does anyone know where to find the fee guidelines under Mastercard? We need to re-disclose before enabling the service but can't find anything around fee thresholds. Any guidance is much appreciated! 

          Online Gaming - Buying and selling game "skins"

          AVP at a bank ($413MUSA)
          Does anyone have any experience with their customers that are a 'middle-man' for online gamers who purchase and sell virtual items for the games?  We have a customer that recently started doing this the past two months (while all the social distancing is going on - lots of people playing games).  He has a few different checking accounts and all are being used in high volume with Google pay, cash app, Venmo and additional mobile check deposits.  He's written very large checks to another person to buys his inventory (probably over $75,000 total in two months).  He's been very up front about what he's doing but I have no experience with this type of activity.  Looking at online articles, there is a legitimate 'business'  that people have made with this.  
          I'm just not sure where I should take it from here.  Should I get new CDD/EDD questions answered?  Should we ask the customer to somehow make this a legitimate business?  (he's using personal accounts and a business account that he's had opened for some time for something else).  With the high volume of transaction between all the accounts, I'm afraid I would miss money laundering if it were occurring.
          Any knowledge in this industry would be appreciated.
          Thanks!