Brenda Payne

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What do we do with Federal Government ACH payments received and posted after the Date of Death, but before a financial institution was notified of the recipient’s death?

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Answer: When the financial institution is notified of the death of a recipient, it must return all subsequent post-death benefit payments with a Return Reason Code R15 or R14. These codes notify the Federal agency of the recipient’s death. The financial institution may return any post-death benefits that have already posted by ACH without waiting …

What do we do with Federal Government ACH payments received and posted after the Date of Death, but before a financial institution was notified of the recipient’s death? Read More »

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Adverse Action Notice Requirements For Loans and Deposits

Compliance IQ / By ,

When you deny a credit application or a deposit account request, you simply fill out a form and move on to the next customer, right? If only it were that simple! This article will clarify the who, what and why of the different requirements for denying loan applications and deposit requests for consumers and businesses …

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Privacy Notice Opt-Out Requirements

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TCA has received questions from several clients recently regarding privacy notices and opt-out requirements, so we felt it was time to provide a refresher. Questions on whether written agreements meet the requirements for joint marketing arrangements should be referred to legal counsel. What information is covered? The GLB Privacy Rule protects a consumer’s “nonpublic personal …

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ACH Activity: Are You Managing Your BSA Risk?

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The Bank Secrecy Act requires banks to manage risks associated with automated clearinghouse (ACH) and international ACH transactions (IAT), which results in a need for effective risk mitigation strategies and monitoring processes. The sheer volume of ACH activity makes the task seem impossible. TCA’s BSA Action Team (BAT) can help evaluate the effectiveness of a …

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