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Question & Answer
Question: We've had an unusual occurrence and are not sure how to handle it. The payee of a check called us and told us his check had been stolen by "a guy who used to work for me but he split". He went on to tell us he wants us to put a stop payment on the check. The payee who called us does not have an account with us. The check is drawn on one of our accounts, and the payee says he has a copy of the check, and he did not endorse it before it was stolen. We've tried to contact our customer but have been unable to get in touch with her. We charge $20 for a stop payment, and if we put a stop on this check, our customer will be charged for something she didn't order. Should we put the stop on? CAN we put the stop on? The check is for $1,200.
Answer: Normally no one can give any instructions that would affect your customer's account except your customer. However, in this case you have been "put on notice" that there may be something wrong with the item that may be presented to you for payment. But you should proceed here with caution. How do you know for certain the person you're talking to on the telephone is indeed the payee?You'll want the stop payment request in writing from the payee, (ideally presented to you in person) with some kind of identification from him also. And a signed statement that he did not endorse the check.
If, however, the request and the story are legitimate, you're in a good position to keep from paying out on a forged endorsement.
Keep trying to contact the customer. The payee will certainly be in contact with her, because he won't get paid until he gets a replacement check. Send her a letter as a last resort.
As for the $20 fee-as a sign of good customer service and public relations, you may want to waive the charge in this one instance. Alert your return items department to keep a watch out for that check. As soon as it comes in for payment, you'll want to contact the depositary financial institution. And be sure and punch a hole in the account number on this check too-so it doesn't come back and hit you after its initial return. Once it has been returned for stop payment, the stop drops from your computer. If it comes in again, it will slide right through and be paid. Your customer won't know it unless it overdraws her account-or she gets the check back in her statement.
Copyright © 1995 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 5, No. 10, 7/95
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