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Product Update Notification - 02/04/09 Remote Deposit Capture Policy Update Details What's New Topic 11 - Exceptions. This new topic contains the following subtopics: General Exceeded Limits Rejected Deposit or Items Deteriorating Financial Situations Topic 13 - Staff Training. Provides sample guidance for the periodic training of financial institution personnel with respect to its remote deposit capture program activities. What's Revised Topic 2 - Policy Statement. The entire contents of the "General" subtopic were revised. Topic 3 - Definitions. The following definitions were added: Endpoint Imaged Item Restricted Transactions Topic 4 - Structure of Accountability. Bullet points 3 and 4 of the "Board of Directors and Senior Management" subtopic were revised. Topic 5 - Risk Management. The following subtopics were added: Risk Assessment Process Identified Risks, which now includes the following risk categories: Strategic Risk Legal and Compliance Risks Credit Risk Operational and Transaction Risk The following subtopics were revised: General - Entire contents. Risk Mitigation Strategies - Entire contents, which now include the following bullet points: Policies, Procedures and Processes Capital Requirements Customer Due Diligence, Suitability and Oversight Vendor Due Diligence, Suitability and Oversight Contracts and Agreements Customer Education and Training Business Continuity Technology Standards and Controls Controlled Environment Independent Review Appropriate Staffing, Expertise and Training Measuring and Monitoring The following subtopics were deleted: Reporting - Now included in the "Measuring and Monitoring" bullet point of the "Risk Mitigation Strategies" subtopic. Capital Requirements - Now included as a bullet point in the "Risk Mitigation Strategies" subtopic. Customer Underwriting and Review - Now included in the "Customer Due Diligence, Suitability and Oversight" bullet point of the "Risk Mitigation Strategies" subtopic. Remote Deposit Processing Controls - Now included in the "Controlled Environment" bullet point of the "Risk Mitigation Strategies" subtopic. Vendor Management Oversight - Now included in the "Vendor Due Diligence, Suitability and Oversight" bullet point of the "Risk Mitigation Strategies" subtopic. Topic 6 - Product Definition and Pricing. Formerly entitled "Remote Deposit Transmission Times", this name of this subtopic was changed to "RDC Transmission Times and Deposit Confirmations" and the entire contents were completely revised. Topic 7 - Operational Overview. The following subtopics were revised: Customer Responsibilities - New bullet points 4, 5, 6, and 21 were added. Bullet points 10, 13, 14, 16, 17, and 20 were revised. Bank Responsibilities - The first and last paragraphs of bullet point 5 were revised. In addition, a new final paragraph was added. Topic 8 - Underwriting Guidelines Policy. The following topics were added: Customer Risk Assessment Guidelines, which now includes the following risk categories: Low Risk Small Business Low to Moderate Risk Business Moderate Risk Business Moderate to High Risk Business Red Flags Dollar and Transaction Limit Establishment Guidelines Higher Risk RDC Customers (formerly entitled "Prohibited or Restricted Remote Deposit Customers) Additional Guidelines for Internet Gambling Customers The following topics were revised: General - A new bullet point 3 was added, and subsequently bullet points 5 and 12 were revised. Review and Approval Process - Entire contents. Additional Guidelines for Internet Merchant Customers - Entire contents. Periodic Credit Review - The entire contents of bullet point 2 were revised. Topic 12 - Audit Policy. Formerly Topic 11, the entire contents were revised to reflect a financial institution's requirement to conduct periodic independent audit reviews of its remote deposit capture program activities. Topic 14 - Retention of Documentation. Formerly Topic 12, the entire contents were revised to provide sample guidance for the retention of remote deposit capture program documentation. Product Contents Purpose and Contents - Topic 1 Policy Statement - Topic 2 Definitions - Topic 3 Structure of Accountability - Topic 4 Risk Management - Topic 5 Product Definition and Pricing - Topic 6 Operational Overview - Topic 7 Underwriting Guidelines Policy - Topic 8 Service Establishment Procedures and Responsibilities - Topic 9 Changes or Deletions - Topic 10 Exceptions - Topic 11 Audit Policy - Topic 12 Staff Training - Topic 13 Retention of Documentation - Topic 14 Ordering Information This product is available to purchase from Bankpolicies.com for: $325.00 - List Price - or - $125.00* - Update Price *Applies only to clients who have purchased the Remote Deposit Capture Program Policy Template within the last three years. If you have ordered this product after 01/04/09 you are eligible to receive the product update at no charge. Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies). NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com. Find Out What's New or Revised with our Product Update Program Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product. We encourage you to subscribe today for this free and convenient service. |