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Flagship Bank Minnesota

 
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23 Documents 10 Answers 6 Exam Watches 10 Vendor Reviews
 
Stop Payment Procedures
Contributed by:Manager‚ Marketing
Asset size: Bank with between $250m - $500m
Location: Midwest
Description: This is a sample of procedures for Stop Payments.
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MORE PEER CONTRIBUTED DOCUMENTS:
Stop Payment Procedures
Contributed by:AVP‚ Back Office/Deposit Operations
Asset size: Bank with between $250m - $500m
Location: Southeast
Description: Preview: Stop Payments Procedures Stop payments are placed on checks and ACH items that have not cleared a customer’s account, and that the customer does not wish to have paid for a variety of reasons (such as “lost,” “dispute,” “duplicate payment,” “services cancelled,” etc.). Although, The ABC Bank can place a stop payment on an ACH debit, it is important that the customer is aware that it is their responsibility to cancel the debits with the originator. It is also important to note that Stop Payment forms are a legal document and should be completed entirely.
Procedures for stop payment
Contributed by:Manager‚ Back Office/Deposit Operations
Asset size: Bank with over $1b
Location: Midwest
Description: These procedures detail the steps for processing a stop payment.
Stop Payment for Check, ACH one time, or ACH multiple payments
Contributed by:VP‚ Back Office/Deposit Operations
Asset size: Bank with under $250m
Location: Midwest
Description: A combined form to use for a stop payment of multiple types of items. Allows your representative to have one form for a traditiona "Stop Payment" instead of multiple forms that may confuse the issue.
SEE ALL 23 DOCUMENTS >>


RELATED QUESTIONS AND ANSWERS:
Q
Signatures on Stop Payments
Asked by: Compliance/BSA/Legal
Asset size: Bank with between $500m - $1b
Location:WI

Do you require customers to sign a stop payment request in order for it to be effective for 6 months, or will you make it good for 6 months and not require the signature?
A
Answered by:Compliance/BSA/Legal
Asset size: Bank with under $250m
Location: IA

We require all stop payment forms to be signed. If the customer requests a stop pay over...
Q
Verbal Stop Pay Requests
Asked by: Retail Banking/Branch Operations
Asset size: Bank with under $250m
Location:TX

Do any of you allow verbal stop pay requests? If so, what are your procedures? We have been accepting verbal stop pay requests but many times we have to remind the customer to come in and sign the stop pay. And what do we do if the item comes in before they sign during the 14 days? do we still try to get the customer to sign?
Thank you in advance for any help you can give me!
A
Answered by:EVP, ‚ Technology
Asset size: Bank with under $250m
Location: IA

We allow verbal stop payments that are valid for 14 days and our normal stop payment fee ...
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RELATED EXAM EXPERIENCES:
OTS - Compliance | September 2010
exam experience posted by a VP‚ Compliance/BSA/Legal from member with between $250m - $500m in assets
We had one (1) examiner that spent an entire week on Flood Compliance even though the number of flood loans we do per year is very minimal (3-7). The examiner looked at every flood loan for the previous year, and thorougly reviewed all policies and procedures related to managment of flood loans.
FDIC - IT | April 2011
exam experience posted by a CAO‚ Finance/Investments from member with under $250m in assets
What our policy was for selecting and uploading information onto social networking websites.
FDIC - Compliance | February 2013
exam experience posted by a VP‚ Compliance/BSA/Legal from member with under $250m in assets
Third party payment processing

SEE ALL 6 EXAM WATCHES >>
RELATED VENDOR REVIEWS:
Credit & Debit Card Processing
Heartland Payment Systems
Merchant Services
Payment Transaction Solutions
Pay By Touch
Planet Payment
ACH Audit
The Payments Authority
Bill Payment
Metavante

SEE ALL 10 Vendor Reviews >>
 
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