Online Banking Regulations

How do the federal regulations for financial institutions providing online banking affect their ability to operate over the internet?

Federal regulations can increase the cost and the value to clients/consumers and the public. For example, stricter security standards will increase the cost for online banks because they will need to hire more experts, such as trust and compliant officers, technologists, software architects, engineers, programmers, and testers.

The value to the public is clear. Less identity thefts and fraud. Easier for the FBI and CIA to track down criminal activities. More trusting and efficient environment to do legitimate business.

2006-12-08 19:22:53 by dbb

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My friend is 17 years old. He decided to deposit 30 dollars on a poker site via a visa-gift-card. He got it to $2,400. He lives where you have to be 18 to legally gamble online. My friend knows that the site will send a check to him and they don't verify how old you are. So my friend is ready to cash out. He also belongs to bankofamerica. So, my question is... If he were to take a $2,400 check to bankofamerica to deposit into his account. Would they accept it? Would they say you are too young? If this is so he could wait till he is 18, but he wants the money asap. What should he do? Any other information about what he could expect in any case with bankofamerica would be great as well. e.p. tax writoffs, questions that could be asked by the bank. ect ect. Please help, thanks

Well,

Most likely the check will be in his name and then signed by the person in charge of cutting checks. Most likely there would not be any indication that the check came from a gambling oriented internet site other than a company name. In other words its not going to say "2400 dollars for poker" in the memo section. They would not be aware that it is against the TOS of the casino for minors to play. If anyone asks say its a paycheck.

2400 dollars is quite a large chunk of change but in terms of taxes its not the banks job to check to see that you are recording your taxes properly. In addition if hes not 18 and does not hold a job he most likely doesn't file forms for the IRS. The only case where a bank might notify someone is if you were depositing thousands of dollars that happen to be in used hundreds, inside briefcases.

My advice, say its a summers paycheck for a company you work for.

My two weeks paychecks were around 800 or 900 dollars and no one batts an eye.

Your only other option is to withdraw it in smaller increments from the web site.

good luck

2007-08-22 18:40:37 by erik

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I do online grocery shopping for home delivery each week. Last week they took the amount twice from our bank account and then made a refund the following day without explanation! I've only just found out from our bank statement. Do you know if they have breached any financial or banking regulations or what the legal position is?

It sounds like they accidentally billed you twice, then when they noticed it, they refunded one of the charges to your account.
They should have notified you, but I don't think they've done anything illegal.

2008-04-02 12:53:49 by gardensnail57

Anyone ever heard of Federal Regulation D, or any other silly legislation that allows Banks to charge customers a fee for executing too many online transfers? My bank, Wells Fargo, just charged me an excess activity fee on my savings account and they claim all banks do this based on a federal regulation.

This is true.
Reg D applies to savings and money market accounts. You can deposit all you like, but you can only transfer out a limited number of times.
Read your savings account documentation, it's in there. The language is kind of convoluted, so I won't quote it here.

The only exceptions are in person at a branch and via ATM. Those are actual cash transactions and those aren't counted.
Electronic transfers, checks written (money market) out and debits/drafts by outside companies are part of the law.

2008-09-29 10:33:27 by Eazy E Boy

•The Business Name I Want To Use Is Not Registered Under Xxxxx.Com.Au Yet Which Is Good

•How Much To Pay To Set Up A Website,

•How To Register A Domain Name,

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•The Products I Want To Sell Is Feng Shui Items

•I Want To Put Item Listing In The Left Panel, And In The Middle Page Product Photos, Description, Pricing

•Which Online Payment Option Should I Go For And How Much?

•Should I Register ABN And Open A Bank Account With It?

•I Intend To Register A Business Under My New Trust, Where I Register This Business Name With ABN

•What Are The Rules / Regulations

•How Do I Do Research To Find Out The Popular Feng Shui Items Sold Over Internet?

•Where Can I Find Someone To Design The Webpage For Me?

•Is There A Template That I Can Use?

Any Tips / Hints Would Be Greatly Appreciated

Thank You.

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Good Luck,
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2007-07-05 05:16:20 by powergirl