Overdraft Issues Are On The Rise Again

Overdraft (OD) issues seem to be on an uptick again. Many bankers have told me recently that the regulators are still focusing on consumer harm with overdraft programs. So what issues are they finding? Well much of it has to do with the way the program is disclosed vs. the way it’s actually charging customers.

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Tory Haggerty
Does Your Bank Have A Tiered Rate Reward Checking Account? Then You Really Need To Read This.

There is a major compliance issue still circling around the industry for tiered interest checking accounts. The basic premises are that banks are incentivizing their customers to use their debit cards. They do this by offering a higher APY on checking account balances if a customer uses their debit card so many times a month. The problem lies in how they are disclosing the transaction requirements to their customers.

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Jake Peterson
Why Is Compliance Help So Expensive?

Traditional audits are expensive and often just give you a history report. Most smaller banks don’t ever hire outside help because they feel they can’t afford it. I want to change that. I’ve been an examiner, a bank compliance officer, and an auditor. I believe in sharing those experiences. My vision is to train your staff during my reviews and teach them new ideas and concepts.

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Jake Peterson
Can Self-Identified Issues Hurt You? – Banking Compliance Take

Over the years, I’ve heard bankers talk about self-identified issues and whether or not they should bring them up to the exam team. They think they will get hit over the head a second time by revealing issues they identified. They are worried the examiners will dig deeper, find more issues, and cost the bank more time and money or that violations will be cited. I want to put some of these myths to bed and give you some advice to make sure that doesn’t happen.

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Jake Peterson
How To Handle A Tough Bank Examiner

I know this may sound a little crazy, but there are some difficult examiners out there. This article is not an attack on examiners; I was an examiner for 6 years. It was the best job I ever had. Lucky for me, I worked with a great team of people, but I’ve seen some unpleasant experiences and heard many stories over the years of examiners not handling interactions with bankers tactfully and vice versa.

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Jake Peterson