Records Retention for Deposit Accounts

D

CRCM stands for Certified Regulatory Compliance Manager, which is a certification for professionals who specialize in regulatory compliance within the financial services industry.

Regarding the question, the answer choices refer to the types of records that must be retained for deposit accounts. Let's break down each answer choice:

A. Average daily balance: This record shows the average balance in a customer's deposit account over a specific period of time. Banks may be required to maintain this record to comply with regulations such as the Truth in Savings Act, which mandates that financial institutions disclose accurate information about account fees and interest rates to customers.

B. Overdraft history: This record tracks instances where a customer's account balance goes negative due to an overdraft. It may include the amount of the overdraft, any fees or interest charged, and whether the customer repaid the overdraft. Banks may be required to retain this record to comply with regulations such as the Electronic Fund Transfer Act, which governs electronic payments and transfers.

C. All amounts of currency deposited or withdrawn: This record tracks every deposit and withdrawal made to a customer's account, including the amount, date, and type of transaction. Banks may be required to maintain this record to comply with regulations such as the Bank Secrecy Act, which aims to prevent money laundering and other financial crimes.

D. Customer's TIN: The customer's Taxpayer Identification Number (TIN) is a unique identifier assigned by the IRS for tax purposes. Banks are required to obtain and verify a customer's TIN when opening a deposit account, and may be required to retain this information to comply with various tax reporting requirements.

In summary, all of the answer choices listed may be records that must be retained for deposit accounts, depending on the specific regulatory requirements applicable to the bank and the type of account.