Law 421 Week 1

Topics: Bank, Law, Federal Deposit Insurance Corporation Pages: 2 (633 words) Published: January 17, 2013
Law is a system that can give a person rights, restrictions, and forbid a person from many different acts. Laws are to protect communities in many different forms. It was designed to protect our rights as Americans. It is also set to protect people as consumers and business owners alike. Although, many people refer to law as a restriction it is also a protection for many people. The most known way law is a protection is for consumers and business owners. It protects consumers from false advertising, which protects the health or well-being of a consumer. It protects business owners in some situations by allowing business owners to own their business separate from their personal finances. I am currently employed with Southwest Securities, FSB. Southwest Securities is a full service bank and investment firm. Over the most recent years banking has been under the gun for many changes in the law and also regulations for protection of consumers and banks around the country. Currently my bank is operating under a cease-and-desist order that is allowing us to make changes on our policies to better the company. Southwest Securities FSB, as mentioned is a full service bank for customers. There are many regulations to follow in banking. Regulation E protects the bank and consumer on electronic funds transfers which includes ATM, debit cards, bill payment, and online banking transfers. Any transaction that is considered “electronic” and requires no paper is covered by this regulation. When a customer comes in to open an account they are given a disclosure that covers this regulation and outlines the companies policies for this regulation. The most common regulation that is used the most is regulation CC. This regulation is known as the funds availability policy. This policy protects our banking customers and our bank. This allows the bank to place a hold on a check that is a large amount, a check that is forged, or a check we believe is no good for any reason. This policy...
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