TOPIC: Personal Accounts

Wet Signature Cards ( Blocked Lines )

AVP at a bank ($3.2BUSA)

What is your policy/procedure for blocking (xxxxxx stamp) blank signature lines on wet Signature Cards/Account Agreements?  I understand why this was/is a practice. However, I cannot find any guidance as to why/if this is required. Any feedback will be greatly appreciated.  

    Account Opening Kiosk

    Director at a bank ($370MUSA)
    We are interested in learning more or creating self-serve kiosks that are able to fully open accounts. Has anyone used this type of kiosk or created something where customers can open accounts via video with a banker at another location?  If you have a kiosk what vendor did you use. If you created your own solution would you be willing to share it. Thank you,

      MX vs. Plaid for Account Funding

      Person at a Company (USA)
      We are currently evaluating both MX and Plaid for Instant Account Verification for account funding. I wanted to share my thoughts and hope this helps with any evaluations you might be doing. 

      We are leaning towards MX. I thought we would we be buying Plaid but our experience has led us elsewhere and MX lines up more with our values compared to Plaid. 

      MX Pros
      -Faster time to connect accounts vs. Plaid
      -Customer data privacy is top priority with no third party selling of data
      -48,000 connection points for aggregation
      -Sandbox environment
      -Using them for budgeting software already with our OLB, so comfortable working with them. 
      -Everyone speaks so highly of the company. 
      -Every single interaction with MX has been nothing short of stellar.


      MX Cons
      -Not as many Bank/CU references compared to plaid. In fact very few for IAV only, but they have a lot of banks using aggregation (including ours).

      Plaid Pros
      -Sandbox environment
      -Established in this market with many customers in banks, CUs, and Fintechs
      -16,000 connections for aggregation.
      -Sandbox

      Plaid Cons
      -Their connection times are much slower compared to MX - which we think will increase abandonment. 
      -too much uncertainty with the Visa merger blowing up
      -They are selling customer Data (This might be our deciding factor. We are vehemently against that)
      -Lawsuits from selling customer Data and TD trademark suit most recently. 
      -Pushy reps.

        Compliance Monitoring/Testing Plan for a Loan Product Serviced by a Third-Party

        Employee at a bank ($16.3BUSA)
        Hello CBANC Family,

        I am once again reaching out for help. I am hoping I can get help from you all. We will be launching an unsecured personal loan/consumer loan product in the near future, and while the loans will remain in our books,  a third party will handle the origination and servicing of these loans. Do any of you have any compliance testing/monitoring plan(s) that you are willing to share with me, please? Any guidance will be immensely appreciated. Many thanks.

          Debit Card Brand Flip

          Manager at a bank ($604MUSA)
          Looking for checklists, documentation, considerations, things to ask/think about around a card brand flip. I want to be sure I am asking the right questions because honestly my mind is spinning trying to think about all of the things we have tied into our cards today including instant issue, fraud monitoring, Card Valet, Mobile Wallet, VISA updater, etc. 
          Any insight into what the brand flip process looks like would be appreciated.

            Closing open-end loans for MRB purpose

            Employee at a credit_union ($3.8BUSA)
            Hi all,

            We are curious what others are using for the “specific” denial reason on an adverse action notice when removing a credit limit on an open-end loan or credit card when marijuana-related activity is discovered on the personal accounts (savings, checking, etc.) and your policy is to close the entire relationship which includes the credit card and/or loan account.

            Thank you
             



             


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                Trade Show Raffle Compliance

                Employee at a bank ($148MUSA)
                Our bank is looking to participate in a trade show event, where we will be doing a raffle for prizes (under $600). In order to participate in the raffle, we will have to collect personal information. What are the restrictions/limitations and how can we word it, so we can contact them via phone, text or email? Does anyone have a template of a raffle they have recently used?

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