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Deposit Slip Errors Trigger Regulator Warning

Following action against a bank, the NCUA joins other agencies in reminding institutions deposit slip inaccuracies violate federal law.

By Tina Orem | Updated on May 23, 2016

Credit unions and other financial institutions could face harsh consequences if they don’t do more to ensure deposits slips match actual deposits, according to a new warning issued Wednesday by the Federal Reserve, FDIC, NCUA, OCC and the CFPB.

“Financial institutions’ policies or practices that do not appropriately reconcile credit discrepancies within the prescribed time frames may raise Regulation CC concerns if such discrepancies leave customers without timely access to the correct amount of funds. Failure to comply with the funds availability requirements in the Expedited Funds Availability Act and Regulation CC may subject the financial institution to civil liability and possible action by the appropriate Agency,” the interagency guidance letter said.

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Tina Orem

 

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