Deposits and Payments | Forum profile

That is a fair assumption to make. That is, unless the Fed amends that section of the regulation.

Can you decline - yes. Must you decline - no - but you must backup withhold.

You may decline to open the account, but the IRS will be dissappointed - they want their money!

In my opinion, you should be sending this to your local DA to go after the check casher. However, you are only out $200, that is what your adjustment is for.

We allow it - we have some people (senior citizens) that only have a savings account and want their financial caretaker to pay their bills online. We monitor the transactions and convert to a non-interest account if they exceed their maximum allowed. I've never had any issues with the savings accounts.

Thanks

Sorry, "they" are senior officers of the bank. Thank you. I think I will have them put something in writing that they are approving the account to be opened this way. I feel like I am the only one against it. I want to protect the bank but also protect me. =D

There are two additional disclosures that I recommend all banks incorporate into their disclosures just in case they are ever needed. There is a hold for cashing a check, but allowing a hold to cover the funds until collected and for accepting a check deposit into one account but placing the hold on another account. These are good to have in your hold "arsenal" to protect the bank while possibly keeping a customer happy.

Let me be a little more specific than Happy. What Earning Creidt rate are you asking about? 1. The funds your bank keeps at The Fed or some correspondent bank will receive int at some rate. How the Fed sets this rate is just based on the current rate conditions / yield curve. 2. Your bank gives your commercial deposit customers credit (at a determined rate) for the avg they keep on deposit & then uses this credit to offset the expenses...

That's what I thought but wanted to double check. Thanks a lot.