Latest Operations - Record Retention Topics
Can we store digital copies of medical payments processed through a lockbox to meet record retention requirements for HIPPA or do original physical documents need to be kept? We are using the 10 yr retention schedule currently; assume that is correct?
State Specific Retention Schedules for Branches
Are there state specific retention schedules for branches in AL, TN, GA, FL, SC?
Record Retention- 3rd Party Risk Management Docs
Is there a minimum record retention requirement or best practice for documents related to third party risk management?
Record Retention for IRA Accounts
How long does a bank need to keep paper documents regarding IRA Accounts? Can these be imaged and the originals shredded if we verify the images are readable and correct?
Complaint letter retention required
How long should we keep complaint letters?
Record Retention for DDA credit Verifications
What is the record retention guidelines or requirements for DDA credit verifications for financial institutions?
Record Retention for Signature Cards
Is it a requirement (Reg or Legal) to keep hard copies of Signature Cards with wet signatures?
Loan Portfolio Metrics and Document Management
How does document management impact a bank’s loan portfolio metrics?
Record Retention- Security Procedures & Equipment
How long must a bank maintain record of any additions/changes to their security procedures and equipment?
Recurring Tasks for Document System Maintenance
What should document system administrators be doing regularly?
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Most Popular Operations Content
ACH debits wipe out account of deceased
We have an individual account that has been receiving recurring ACH debits monthly. The account owner died 6 years ago. The bank just found out about the death only days ago. No personal representatives have come forward or are known to contact. The most recent ACH debit was paid and overdrew the account. The account has now been overdrawn for 45 days. Can we return the ACH debits that occurred after the date of death? Although the debits have been occurring for years, the bank just became aware of the death of the account owner.
The cost of check fraud
How much is fraud actually costing your institution?
Consent Disclosures
Is an email consent disclosure considered "written consent" for ChexSystems? I have a lender who would like to email the ChexSystems consent disclosure to account owners and use their reply to the email as proof of consent. Does this satisfy the requirement that the consent be in writing?
Handling error claims on a series of debits
We received a dispute yesterday for 51 transactions for a total of $529.33 from May and June - the customer stated on the dispute packet that she first became aware of the charges in January 2024, but they were small dollar amounts, so she wasn't worried. She never reached out to us until yesterday (6/27/24) to dispute the 51 transactions from the same merchant that she suspected of fraud in January. Is the customer liable for the full amount since we could have prevented the 51 additional charges to post if she had reached out to us in January? Is that considered customer negligence?
Lottery check scams
How do fraudsters take advantage of lottery winners?
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