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New ACH Rule Amendments to be Effective January 1, 2002
Two new ACH rule amendments will be effective January 1, 2002. Click here to find out more.
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SPECIAL ALERT
TO: CHIEF EXECUTIVE OFFICER
SUBJECT: Guidance on Requests for Information Related to Terrorist Activity
Since the September 11, 2001, tragedy, financial institutions have received several "Special Alerts" regarding terrorist activity. Banking organizations were provided with names on the Federal Bureau of Investigation's suspected terrorist list as well as new names added to the Department of the Treasury's Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons list. In some instances, names of individuals and organizations may appear on both lists. In addition, financial institutions were asked to voluntarily report suspicious transactions that may relate to recent terrorist activity against the United States. Due to the number of similar requests that financial institutions are receiving, the Federal Deposit Insurance Corporation (FDIC) is issuing this guidance to clarify instructions about each request. To read the full Alert click here.
Source: FDIC
December 4, 2001
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Bank Web Sites Found Wanting
Banks continue to lag other service industries in the design and functionality of their Web sites, a study from Novantas concludes.
The consulting and business incubation firm compared the product offerings and service of 100 consumer sites in the banking, insurance, retail, and hotel industries, and found that those industries are better than banks at developing products for Internet users. For example, Bank of New York and Chase require customers to visit a branch to open an account; Citibank allows customers to fill out applications online, but they have to mail the applications in before accounts can be opened.
The study found that bank sites are not self-sufficient, and continue to depend on call centers and branches to serve customers, in part because product information is hard to navigate. Many cannot let customers make product comparisons or match their needs to products, the study found, and do not provide enough assistance in steering customers through an account application.
BTI can help design and create a fully self-sufficient user-friendly Web site for your institution. To learn more about our Web Design and other Web-based financial products visit our website at www.banksystems.com or give us a call at 972-242-8090.
Source: American Banker
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