FDIC Deposit Insurance
Alternative forms of identification include:
Information already in the bank's internal records that can be used to verify the customer's identity. Social Security or Medicare/Medicaid card And, one other document with the customer's name and address, such as an organization membership card, voter registration card, utility bill, or real estate tax bill.
Case-By-Case Hold
A Case-by-Case Hold is to be used when non of the Exception Hold Reasons apply.
Home Mortgage Act of 1975 (HMDA)
A federal law requiring institutions to disclose the amount and location of their home mortgage activities to the public and to government officials. This act is governed by Regulation C of the Federal Reserve System and is administered by the regulatory agency for lending institutions.
Bank Secrecy Act
A federal law that requires financial institutions to file a Currency Transaction Report (Internal Revenue Service Form 104) for cash transactions exceeding $10,000.
New Account Hold
A new account is one that is less than 30 calendar days old, and all of the owners are new to Fidelity Bank with no other DDA or NOW accounts.
There are three types of holds used at Fidelity Bank:
Case-by-Case Hold Exception Hold New Account Hold
The following items will receive immediate availability when deposited:
Cash (U.S. currency and coins) Electronic Direct Deposit (This includes any ACH activity and wire transfers.)
The FDIC Covers
Checking accounts Negotiable Order of Withdrawal (NOW) accounts Savings accounts Money Market deposit accounts Time deposits such as certificates of deposits (CDs) Cashier's checks, money orders and other financial official items issued by a bank.
The Bank Secrecy Act requires banks to:
Collect and report information on each cash transaction of more than $10,000 or on any suspicious cash transactions. Collect information on the sale of Cashier's Checks, Money Orders, bank drafts, and similar items involving cash in the amount of $3,000 to $10,000.
A Currency Transaction Report need to be filed for currency transactions between Fidelity Bank and the following:
Federal Reserve Banks Another domestic bank Federal Home Loan Bank Government Entities and Publicly Traded Corporations Customers included on Fidelity's exemption list
Unlawful Internet Gambling Enforcement Act Policy (Regulation GG)
Introduction The Department of the Treasury and the Federal Reserve Board (Agencies) has issued a joint final rule to implement the Unlawful Internet Gambling Enforcement Act (Regulation GG). Purpose The Act "prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling." The purpose of Reg. GG is to prevent unlawful Internet gambling businesses from utilizing the banking system. Fidelity Bank ("the Bank") established these guidelines and procedures to screen and prevent unlawful Internet gambling businesses from opening and account. Policy Fidelity Bank will rely on written notice from the network (Visa/MasterCard/etc.) stating that the policies and procedures that are in place meet the UIGEA Final Rule requirements. The Bank is not required to validate this claim but will be required to adhere to the card network policies and procedures. Notification to New Business Customers During the new account opening process: We inform our customers that Fidelity Bank does not open accounts for businesses who participate in unlawful internet gambling. Customers affirm they do not participate in unlawful internet gambling and the Retail Branch employees selects "no" on the Customers Profile Sheet. Monitoring Accounts are monitored through existing BSA methods for unlawful transactions. Discovery of restricted and unlawful gambling will initiate a Suspicious Activity Report (SAR) filing with the Bank Secrecy Act (BSA) Officer and the account will be closed.
Types of accounts covered by Regulation CC
It is the policy of Fidelity Bank to apply Reg CC to all checking accounts.
Multiple Purchases
Multiple purchases in one business day totaling $3,000 or more will be aggregated and treated as one purchase. We are responsible for reporting the aggregate of such transactions as soon as we become aware that such a transaction has occurred. All records must be maintained for five years.
Multiple Currency Transactions
Multiple transactions of currency that exceed $10,000 should be treated as a single currency transaction for reporting purposes. Fidelity Bank would do this only if it is aware that the transaction is conducted by, or on the behalf of, any person or entity during a single day.
Regulation G
One of four Federal Reserve regulations concerning credit extended to finance securities transactions. (The others are Regulations T,U, and X.)
Whenever a Case-by-Case or an Exception Hold is placed on a deposited item:
Place the hold on the item in the system. Give the customer a "Funds Availability Notice" Give the customer a copy of their records
Availability Calculations and Schedules
Regulation CC categorizes different types of deposits and sets a time limit for the hold that can be placed on each type of deposit. Fidelity Bank can make funds available earlier than required but cannot hold them longer. Following are examples of when funds places on hold will be made available to the customer. In order to release the funds to the account, the expiration date places in the Horizon System must be the day prior to when the funds are to be made available. The hold will actually release from the system at the end of processing the night before the funds are to be made available. For example, if the funds are to be available on Wednesday, the expiration date in the system would be Tuesday.
Regulation CC (Expedited Funds Availability Act)
Regulation CC was enacted to make funds deposited by customers more readily available to consumers.
Regulation AA
The Federal Reserve regulation that establishes procedures for complaints by consumers.
When placing a New Account Hold:
A Universal Banker can make the determination to waive a hold for any amount after completing training. You must put the hold on the item; an alert screen will come up reminding you. On a New Account Hold, checks are held: 7th business day availability. The first $200 is not available on the next business day for New Account Holds. If the deposited item on a New Account requires a Case-by-Case or Exception Hold, then a hold notice is given to the customer.
Real Estate Settlement Procedures Act (RESPA)
A federal law that requires lenders to provide home mortgage borrowers with information of known or estimated settlement costs. This act also establishes guidelines for escrow account balances and the disclosure of settlement costs. It is administered by the Department of Housing and Urban Development.
Alternative Identification (Elderly or Disabled)
As with the CTR, alternative forms of identification may also be accepted when the customer is elderly or disabled, does not have a driver's license, and is purchasing monetary instruments with currency.
For Customers:
Date Name Types of purchased instruments (cashier's checks or money orders) Serial numbers of the purchased instruments Amount in dollars of each amount.
The following examples illustrate multiple currency transactions:
One person makes several deposits under $10,000 into one account, and the deposits ultimately exceed $10,000. Several persons makes several deposits under $10,000 into one deposit account that total more than $10,000. One person makes several deposits under $10,000 to various deposit accounts that exceeds $10,000. One person makes separate smaller purchases under $10,000 of cashier's checks, or money orders, totaling more than $10,000. One person cashes several cashier's checks, traveler's checks, or money orders under $10,000, which in total exceed $10,000. The BSA will monitor the Reportable Cash Transaction Report to identify reportable transactions. If a reportable multiple transaction has been identified and no CTR has been completed, the BSA Department, along with assistance from the branch, will complete the CTR and forward it to the IRS. In situations where we are unaware at the time the transaction occurred that any one transaction required a Currency Transaction Report, we are responsible for reporting the aggregate of such transactions exceeding $10,000 or some other established limit on a Currency Transaction Report when the bank becomes aware that such transaction has occurred.
To ensure that Fidelity Bank complies with the law, you are responsible for:
Positively identifying the individual conducting the transaction. It is not permissible to use explanations such as "known customer" or "bank signature card on file" when reporting the method used to verify the identity. -If the person's identity cannot be verified, do not complete the transaction! Complete the Currency Transaction Report at the time of the transaction and in the presence of the customer. Route the report to the BSA Officer, who will review, approve it and send it to the IRS within 15 days of the transaction date. (Copies of all CTRs are maintained for five years from the date of the transaction.)
Some of the reasons you may need to put a Case-by-Case Hold on a customer's account are:
Power of 3 The deposited item is a 3rd party check. The customer has no other account relationship with Fidelity and their account is less than one year old and the check being deposited is unfamiliar to you. The customer consistently has a very low balance. On a Case-by-Case Hold, checks are held: 2nd business day availability. When putting a Case-by-Case on an item, $200 is available the next business day.
Regulation X
The Federal Reserve regulation that extends the provisions of Regulations G, T, and U to certain borrowers and types of credit extensions not specifically covered by those regulations.
Regulation V
The Federal Reserve regulation that facilitates and expedites financing for contractors, subcontractors, and others involved in national defense work.
Regulation A
The Federal Reserve regulation that governs borrowing by depository institutions at the Federal Reserve discount window.
Regulation U
The Federal Reserve regulation that governs extension of credit by banks for purchasing and carrying margin securities.
The major provisions of the regulation affect:
The length of time banks can place holds on checks. The disclosure of hold policies. The requirements on banks to accrue interest on uncollected funds in interest-bearing accounts. Methods to speed up the check clearing and check return process.
Exempt Transactions
The law allows banks to exempt certain customers' transactions from the reporting requirement. Banks must maintain a central list to which teller can refer. You must check your bank's exemption list to verify that a transaction is exempt. At no time can individuals or dealerships that buy and sell motor vehicles, boats or airplanes be exempted from the reporting requirement of the Bank Secrecy Act.
The Wire Transfer Instruction Form must be completed with the following required information for any outgoing wires:
The name and address of the originator. The amount of the payment order. The execution date of the payment order.
Near-Cash Deposits
U.S. Treasury checks, U.S. Postal Service money orders, Federal Reserve Bank/Federal Home Loan Bank checks, state and local government checks, wire transfers and cashier's, certified, traveler's and teller's checks. The first $5,000 of "Near Cash" deposits are made available on the 1st business day following the day of the deposit if the deposit is made in person to an employee of the bank and is deposited into an account of the payee of the check. The excess over $5,000 of Near Cash" deposits are to be made available on the 9th business day after the day of the deposit. If the deposit of "Near Cash" items are not made in person to a bank employee, the first $5,000 are to be made available on the 2nd business day* after the day of the deposit with the excess over $5,000 to be made available on the 0th business day after the day of the deposit. *The 2nd business day availability for the first $5,000 of a deposit that is not made in person doe not apply to U.S. Treasury checks. The first $5,000 of U.S. Treasury checks are always made available on the 1st business day after the deposit regardless of it was deposited in person or not. The excess over $5,000 will be made available on the 9th business day after the day of the deposit.
According to the Truth in Savings, banks must now choose from one of the two following methods:
Daily Balance Method - The daily balance method calculates interest by applying a daily periodic rate to the full amount of principal in the account each day. Average Daily Balance Method - The average daily balance method calculates interest by applying a periodic rate to the average daily balance in the account for the term. The average daily balance is determined by adding the full amount of principal in the account for each day of the term and dividing that figure by the number of days in the term. According to Truth in Savings, if the customer falls below the minimum balance required on his particular account after his average has been determined, the bank can opt to not pay his interest for the whole term. At Fidelity Bank, we use this method.
Regulation D (Reserve Requirements For Deposit Accounts)
Regulation D establishes Reserve Requirements, and limits on withdrawals from Savings accounts for all Banks, Reserve funds have to be held and cannot be used for investing. Restrictions of Regulation D on Savings accounts and Money Market Deposit accounts: 6 pre-authorized, automatic, overdraft, online and telephone transfers per month. Of these six transactions, all can be by check, draft, or credit card (third party). If the customer exceeds these limits, Fidelity is required to: Send the customer letter for the first offense. On the second offense Fidelity will send the customer another letter notifying the customer that upon a third violation the account will be closed. (An email will also be sent to the Customer Service Manager informing them of the customer's status.) On the third offense Fidelity sends another letter informing the customer that in 30 days the account will be closed. Regulation D also requires a penalty be assessed if a Certificate of Deposit is withdrawn in the first 6 days of the deposit. A penalty of 7 days interest must be charged . Fidelity can choose to waive the penalty after the initial 6 days have passed.
Regulation DD (Truth-In-Savings Act)
Regulation DD provides protection in the following areas: Restricts the payment and calculation of interest. Requires additional disclosures and notices. Regulates advertising of deposit procedures. Restricts the payment and calculation of interest Requires additional disclosures and notices: Provide the disclosures to a customer before an account is opened (if in person) If an account is opened by mail, the disclosures must be sent within 10 business days of the initial deposit. If anyone asks for information about banking products, offer to give them the disclosures. If the customer declines the offer of the disclosures, we have fulfilled our requirement by law. If a customer inquires by phone, we have 3 business days to send the disclosures. Certificate maturity notices must be mailed 14 days prior to maturity date on the certificate. Regulates Advertising of Deposit Products: When speaking to a customer, we want to avoid terminology like "free" or "no cost" or "profit" if: A regular service or transaction fee is imposed. A fee for excessive transactions is imposed. A fee for not meeting minimum balances is imposed.
The FDIC Does Not Cover
Stock investments Bond investments Mutual funds Life insurance policies Annuities Municipal securities Safe deposit boxes or their contents U.S. Treasury bills, bonds or notes
Bank Secrecy Act
The Bank Secrecy Act is designed to thwart unethical or illegal monetary activity. Such activity includes income tax evasion, illegal trading in gold, drug trafficking, and money laundering.
Instruments Purchased With Currency Log (IPWCL)
The Bank Secrecy Act requires banks to make a record of certain information on cash sales of monetary instruments in amounts of $3,000-$10,000. If the purchase cannot provide the required information at the time of the transaction or by Fidelity's previously verified records, the transaction will be refused.
Regulation Z
The Federal Reserve regulation that prescribes uniform methods of computing the cost of credit, disclosure of credit terms, and procedures for resolving billing errors on certain credit accounts.
Regulation B
The Federal Reserve regulation that prohibits creditors from discriminating against credit applicants, establishes guidelines for gathering and evaluating credit information, and requires written notification when credit is declined.
Regulation O
The Federal Reserve regulation that prohibits member banks from extending credit to their own executive officers. Regulation O also prohibits banks that maintain correspondent account relationships with other banks from extending credit on preferential terms to each other's executive officers.
Regulation Y
The Federal Reserve regulation that relates to the banks and non-bank expansion of bank holding companies and to the divestiture of impermissible non-bank interests.
Customers that could be on an exemption list include:
commercial airline, auto parts store, car wash, convenience store, furniture sales, race track, movie theatre, resort/hotel, telephone company, supermarket, or university.
Regulation C
The Federal Reserve regulation that requires depository institutions making federally related mortgage loans to make annual public disclosure of the locations of certain residential loans. This is done to implement the provisions of the Home Mortgage Disclosure Act of 1975 (HMDA). It applies to most commercial banks, savings and loan associations, building and loan associations, homestead associations, and credit unions that make federally related mortgage loans.
Regulation I
The Federal Reserve regulation that requires each bank joining the Federal Reserve System to subscribe to the stock of its district Federal Reserve Bank in an amount equal to 6 percent of the member bank's capital and surplus.
Regulation F
The Federal Reserve regulation that requires state-chartered member banks that have 500 or more stockholders and at least $1 million in assets, or whose securities are registered on a national securities exchange, to register and file financial statements with the Federal Reserve Board of Governors.
Regulation L
The Federal Reserve regulation that seeks to avoid restraints on competition among depository organizations by restricting the interlocking relationships that a management official may have with depository organizations.
Regulation P
The Federal Reserve regulation that sets minimum standards for security devices and procedures state-chartered member banks must establish to discourage robberies, burglaries, and larcenies, and to assist in identifying and apprehending people who commit such acts.
Regulation R
The Federal Reserve regulation that tries to prevent interlocking relationships between securities dealers and member banks to avoid potential conflicts of interest, collusion, or undue influence on member banks' investment policies or advice to customers.
Below are activities that may appear suspicious:
A violation involving any amount believed to involve a director, officer, employee, agent, or other information-affiliated party, regardless of the amount involved. Criminal activity involving 5,000 or more when Fidelity has substantial bases for identifying a suspect. Criminal activity involving $25,000 or more where Fidelity has no substantial basis for identifying a suspect. A transaction aggregating $5,000 or more if Fidelity knows or suspects that the transaction: -Involves funds that were derived from illicit activity, or it was conducted to hide or disguise funds or assets from illicit activity with the intent to violate any law or regulation, or to avoid transaction reporting requirements. -Was designed to evade BSA reporting or recordkeeping requirements. -Was suspicious because it has no business or apparent lawful purpose. Businesses that suddenly start making large cash deposits even though their pas history does not show this pattern. Customer who asks about the limit on filing out a report and then makes a transaction for an amount just under $10,000. Customer who frequently exchanges small bills for large bills. Customer who purchases cashier's checks made out to common names, such as Robert Brown or Mary Smith. Customer who maintains several accounts and transfers funds between them without any logical purpose.
Annual Percentage Yield
According to regulation, whenever the interest rate on a product is quoted to a customer, we must also quote the Annual Percentage Yield or APY. Basically the APY is the rate the customer will receive at the end of a year if he lets his interest compound into the account (based on a 365 day year).
Disclosure Responsibilities of Reg. CC:
An initial disclosure must be given to a customer before an account is opened. We must give notice of delayed availability (either case-by-case or exception hold) by giving them a copy of the hold notice. There must be a posted statement of Fidelity Bank's funds availability policy at locations when employees receive deposits. We must provide our customers with notice of any change in the policy at least 30 days prior to change taking place. Policy disclosure must be provided on request. Statement must appear on preprinted deposit slips (slips which include customer's name and account number, not counter deposit slips). The statement will say: "Deposits may not be available for immediate withdrawal."
Determining When The Hold Will Be Released
Determine when the funds were deposited: The availability of customer's funds partly depends on which day of the week and what time of the day the customer deposits the money. Fidelity Bank does not count the day of the deposit as the first day of the hold. We begin counting on the next business day when determining holds on a customer's deposited item. In addition, even if the deposit is made on a business day, it has to have been made before the bank's cutoff time of 8:00 p.m., or 5:00 p.m. if deposited at an ATM, to be counted for that day. If the deposit is made after that time it will be considered received on the next business day. If the deposit is made in the night the night deposit box after 3:00 p.m., it is also considered to be received on the next business day. A business day is defined as all calendar days except Saturday, Sunday, and ten federal holidays. Remember when placing the hold on the system, the hold will actually release from the system at the end of processing the night before the funds are to be made available. For example, if the funds are to be available on Wednesday, the expiration date in the system would be Tuesday.
Suspicious Activity Report
In addition to reporting cash transactions over $10,000, federal law requires banks to fill out a special report if a customer or transaction appears suspicious. Unlike CTRs or Instruments Purchased with Currency Logs, a SAR immediately prompts an investigation. We have only 30 days to report suspicious activity if we know who the suspect is; 60 days if there is no known suspect. As a teller, your responsibility is to be aware of and to report suspicious activity to your Customer Service Manager.
Fidelity Bank's Policy for Established Customers
It is Fidelity Bank's policy to make funds from checks available the next business day, unless it is determined that a hold need to be places on the deposited item.
Regulation E (Electric Funds Transfer)
The Electronic Transfer Act develops a legal framework for identifying the rights and responsibilities of consumers and financial institutions in the use of Electronic Funds Transfers (EFTs). A great part of Regulation E centers on disclosures; we are required to give the customer an EFT disclosure whenever a new account is opened. Fidelity Bank Requirements: If a customer disputes an EFT transaction, and it cannot be settled within 10 days (or 20 days for POS), we must credit the customer's account for the disputed amount. We must allow the customer full use of the funds for 45 days (90 days for POS) while the investigation continues. If it is found that Fidelity is not in error, we may take the disputed amount out of the customer's account after we have given him 5 days notice. Fidelity Bank may insist the customer file their complaint in writing. Customer Requirements: Unauthorized transfers due to fraudulent use, or letting another person use your ATM access card must be reported within 60 days. Lost or stolen cards must be reported within 4 business days. Loss to customer will generally be limited to $50.00, but possibly up to $300.00. The EFT department will need to determine the amount of responsibility the customer will have to assume. We ask that customers give advance notice of at least 3 business days to place a stop payment on an electronic transfer or auto-debit out of their account. Amendment 2010: This amendment provides customers with new rights with respect to banking programs that charge customers a fee for paying ATM and everyday debit card transactions when there are insufficient funds to pay the item presented for settlement. This rule does not change the way banks make decisions to pay or return checks or ACH transactions. All fees still apply. This rule only applies to everyday debit card and ATM usage. This rule does not apply to reoccurring debit card transactions, such as membership fees or bills. Does not guarantee that a customer will never have an overdraft. Customers are required to make a choice. -If they choose to Opt In and qualify for POP, their POP limit will be available to the customer for all transactions. -If they decline to Opt In and qualify for POP, their POP limit will not be available for everyday debit card or ATM transactions. Allow banks to continue to charge OD and NSF fees on everyday debit card and ATM transactions that cause an account to go negative only if an Opt In response is received.
Regulation GG
The Federal Reserve regulation also know as The Unlawful Internet Gambling Enforcement Act of 2006 ("UIGEA") that prohibits any person, including business, engaged in the business of betting or wagering from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling.
Regulation H
The Federal Reserve regulation that defines the membership requirements for state-chartered banks, describes membership privileges and conditions imposed on these banks, explains financial reporting requirements, and sets out procedures for requesting approval to establish branches and for requesting voluntary withdrawal from membership.
Regulation J
The Federal Reserve regulation that establishes procedures, duties, and responsibilities for Federal Reserve Banks, and for (a) the senders and payers of checks and other cash and non-cash items, and (b) the originators and recipients of funds transfers.
Regulation CC
The Federal Reserve regulation that establishes rules for availability of funds and collection of checks, including the duty of banks to make funds available for withdrawal and rules to expedite the collection and return of checks.
Regulation S
The Federal Reserve regulation that establishes the rates and conditions for reimbursement to financial institutions for providing records to a government authority.
Regulation E
The Federal Reserve regulation that establishes the rights, liabilities, and responsibilities of parties in electronic fund transfers and protects consumers using electronic fund transfer systems.
Regulation T
The Federal Reserve regulation that governs extension of credit by securities brokers and dealers, including all members of national securities exchange.
Regulation K
The Federal Reserve regulation that governs the international banking operations of banking organizations and of foreign banks in the United States.
Regulation DD
The Federal Reserve regulation that governs the way financial institutions disclose information about deposit accounts offered to or held by consumers. Known as the Truth-In-Savings Act, the disclosures must contain rate information, balance information, fees, etc.
Regulation BB
The Federal Reserve regulation that implements the Community Reinvestment Act. It is designed to encourage banks to help meet the credit needs of their community.
Regulation M
The Federal Reserve regulation that implements the consumer leasing provisions of the Truth-in-Lending Act.
Regulation D
The Federal Reserve regulation that imposes uniform reserve requirements on all depository institutions with transaction accounts or non-personal time deposits. Regulation D defines such deposits and requires reports of deposits to the Federal Reserve.
Regulation N
The Federal Reserve regulation that is internal to the Federal Reserve System (governs relationships and transactions among Federal Reserve Banks and foreign banks, bankers, and governments).
Regulation W
The Federal Reserve regulation that prescribed minimum down payments, maximum maturities, and other terms applicable to extensions of consumer credit. With the repeal of authorizing legislation in 1952, Regulation W was revoked.
Regulation Q
The Federal Reserve regulation that prescribed the maximum interest rates that member banks may pay on time and savings deposits. Under the Depository Institutions Deregulation and Monetary Control Act of 1980, limitations on maximum interest rates that may be paid on time and savings deposits were phased out gradually and eliminated by 1986.
Wire Transfer
The bank is required to maintain recordkeeping information on wire transfers in the amount of $3,000 or more. Fidelity does not perform any incoming or outgoing wire transfer services for non-customers.
Customer Identification Program
The general objectives of CIP, as detailed in Section 326 of the USA Patriot Act are to: Obtain information and verify the identity of any individual or business seeking to open a new account. Maintain records of the information used to verify the person's identity. We are required to retain these records for five years after the customer's last Fidelity Bank account is closed. Determine whether the person appears on any lists of known or suspected terrorist or terrorist organizations provided to the bank by any government agency.
The payment instructions received from the originator:
The identity of the beneficiary's bank. Include as many of the following items as are received with the payment request: The name and address of the beneficiary. The account number of the beneficiary. Any other specific identifier of the beneficiary. For each payment order that Fidelity accepts as an intermediary bank, we will retain the original, other, or electronic record of the payment order. As the beneficiary bank, Fidelity must retain either the original or a copy of the payment order. Fidelity must make funds transfer records retrievable by the originator or the beneficiary name and by the account number for a period of five years.
Community Reinvestment Act
The regulation emphasizes the bank's results using three performance tests: Lending: Banks are primarily evaluated on their performance. This test evaluates the extent the bank has helped meet the credit needs of its community (assessment area*). Home mortgage, small business, small farm, and community development lending will be considered. If the bank requests, consumer lending may also be evaluated. Service: This test evaluates the bank's record of helping meet the credit needs of its assessment area by analyzing the availability and effectiveness of the bank's system for delivering retail banking services. This includes the location of branches and how innovative our community development services are that benefit low and moderate income individuals. Investment: This test evaluates a bank's record of helping to meet the credit needs of its assessment are through qualified investments that benefit its assessment are or a broader area that includes its assessment area. An example of this would be an investment in state or municipal bonds linked to affordable housing. *Note: An assessment are must be determined by the bank. This area should reflect where the majority of bank's business is from and will be targeted for evaluation of their CRA performance. At present, Fidelity Bank's assessment area is defined by Sedgwick County, Kansas, Oklahoma County, Oklahoma, Cleveland County, Oklahoma, and Johnson County, Kansas.
Coverage Limits
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate coverage for deposits held in different ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met. All deposits that an account holder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
Exception Hold
There are only 5 reasons that allows us to place an Exception Hold on a deposited check: A check deposited has been returned unpaid. The customer has repeatedly overdrawn the account in the last six months. -An account in which the customer has had a negative account balance for six or more days within the preceding six months or two or more days within the preceding six months in the amount of $5,000 or more. There is an emergency condition, such as failure of communications or computer equipment. It is believed that the deposited check will not be paid. The totally deposit is in excess of $5,000. -According to Regulation CC $200 of the deposit will be available the next business day. The 2nd business day $4,800.00 will be available; the remaining funds will be available the 5th business day. On an Exception Hold, checks are held: 5th business day availability. When putting an Exception Hold on an item, the $200 available next business day does not apply.
Currency Transaction Report (CTR)
To determine if a transaction is reportable, ask yourself the following questions: Does the transaction involve cash? Does the cash total more than $10,000? Does the cash either go across the counter from the customer in the cash drawer or from the cash drawer to the customer? *Note: If the answer is yes to all three questions, the transaction is reportable.