TOPIC: Accounts

Twitter virtual currency hack- keyword search

Employee at a bank ($402MUSA)
Does anyone have a list of keywords they would be willing to share in order to search for this attack? Thank you


7/16/2020 "FinCEN Alerts Financial Institutions to Convertible Virtual Currency Scam Involving Twitter
The Financial Crimes Enforcement Network (FinCEN) is emphasizing a high-profile scam exploiting Twitter accounts to solicit fraudulent payments denominated in convertible virtual currency (CVC). Cyber threat actors compromised the accounts of public figures, organizations, and financial institutions to solicit payments to CVC accounts, claiming that any CVC sent to a wallet address would be doubled and returned to the sender. It is critical that CVC exchanges and other financial institutions identify and report suspicious transactions associated with this type of activity as quickly as possible.  Read the alert here."

    Managing Trust Accounts From Inception of Membership

    Employee at a credit_union ($213MUSA)
    This may sound simple, but I want your opinion from a compliance and best practices approach to managing TRUST accounts!

    Member A "Trust" account is opened with two trustees on the Trust.  How do you set up account, in the name of the trust and the age for the Trust account is based on the date the Trust was established?  Or do you set up the Trust account and the first Trustee named on the trust would be reflected and the profile detail would be used for this trustee, age, email, contact detail, etc.


    In review of our core data we have entries in several different ways, probably as a result of change of management over the years.
    I appreciate your response.

    Thanks, Sharron

      Checking Accounts and Bankruptcy

      Manager at a bank ($3.3BUSA)
      Curious to know what other FI's are doing when they have a deficit balance or charged off DDA account and the customer files Bankruptcy?  We do stop collections if it has been reported.  However if the checking account has a negative balance what do you do?  Do you write the loss off and close the account? Do you charge it off and leave it open for deposits?  We are trying to fine tune our procedures and could use any guidance you may have.  Thanks!

      Also what if the deficit account or charged off account owner is deceased?  How are you processing those?

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            Closing account

            Manager at a bank ($1.1BUSA)
            Have a customer closing their  HSA account with a 1 cent balance.  Is there any exception for banks that they do not need to send out such a minimal amount out to customer. Customer has no other accounts with the bank and seems pointless to send a penny out and spend more on postage.

              Wire Transfer Rejections/QC

              VP at a credit_union ($953MUSA)
              Hello all -
              I understand that Wires are governed by UCC and each state may be different than the next, but I am looking to gather some general best practices for rejecting or accepting wires.  Specifically speaking, if you receive a wire, and the name and account number match, but the address is incorrect (not even remotely close) do you still post the wire?  We have some come without addresses or some typos, that's not what I am questioning here.  I was just wondering what your QC procedures were for posting wires.

              Thanks!
              Sam