We received some great feedback on Part 1 of Linked Accounts and Regulation D - including some great questions. Let's delve into this area a bit more - including a preliminary question. Treating Savings Accounts as Transaction Accounts. A couple of commenters asked if their credit unions could treat their savings accounts as transaction accounts - and reserve accordingly. Yes, credit unions do have the ability to treat their savings accounts as transactions accounts and allow unlimited transactions from those accounts. ****Read More; http://nafcucomplianceblog.typepad.com/nafcu_weblog/2012/03/overdrafts-linked-accounts-and-regulation-d-part-2.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Fnafcucomplianceblog%2Fnafcu_weblog+%28NAFCU+Compliance+Blog%29&utm_content=Google+Reader
When a credit union employee suspects a member may be subject to fraud, they should initiate a careful conversation focusing on the nature of the transaction and external influences. The goal is to help the member identify red flags without the employee asking for sensitive personal information that the credit union should already have on file. Initial Verification Questions .pdf Before discussing the specifics of the suspicious activity, the employee should confirm the member's identity in accordance with established internal protocols. Questions About the Transaction/Activity If the member confirms they are conducting a suspicious transaction (e.g., a large wire transfer or purchase of gift cards ), the employee should ask questions to help the member pause and think critically: "What is the purpose of this transaction?" "Do you personally know the person or business you are sending money to?" "Have you ever met the...
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