Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.
In banking, the phrase “back counter” usually refers to activities that are completed when a customer or member is not present.
Back-office staff at a bank or credit union encompasses all positions that are not customer-facing. These jobs on the operations side of a financial institution include a wide array of duties necessary to keep a bank functioning.
Bank due diligence refers to the steps that a financial institution takes to investigate, address, and/or minimize risk. Due diligence is performed in a wide variety of banking processes, such as underwriting, BSA, acquisitions, hiring, and vendor management.
Bank loan tickler tracking is a process that enables the timely follow-up of items that must be tracked throughout the life of both consumer and commercial loans.
Bank record retention requirements detail the mandatory minimum length that financial institutions must keep various documents.