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Investigating Stolen Checks
Question: One of our depositors had checks stolen and didn't know it until his statement was delivered. He brought in all the stolen checks, and we were satisfied that he had no knowledge of how they were taken or who took them, and we reimbursed him for all the stolen items. One of the checks we "bought" was made payable to the electric power company. But when we called to see whose bill it paid, they refused to give us any information. They told us to just return the check. It's a late return now. And it certainly doesn't help in our investigation. Is there anything we can do?
Answer: How much time you want to spend on this will depend on how much you lost. If the major part of your loss is the power company check, and they've indicated they'll accept the return - return it and "cut bait." The check should be returned without entry by way of U.S. mail to the power company's bank, and they should draw a check from the power company's account and send it to you as way of reimbursement. You know as well as I that procedure will thoroughly confuse the issue at both the bank and the power company, and you'll be a long time getting your money. However, you understand that I can't, in all good conscience, tell you to just stick it back in the work even though it's late and return it… The power company's bank may not even look at the date of negotiation and may simply charge it back to the power company. Or they may have instructions to charge it back. Either way you're home free.
As far as further investigation goes, even though the power company won't give any information to you, they usually will to law enforcement. If you wish to pursue it further, you may get some help from your local police department's white collar crime detective or investigating unit. They have ways of getting information that are not available to you.
Editor's note: This comes from a Security Officer in Lincoln, Nebraska. "We are exploring offering Mobile Branch Banking, which we describe as using an RV to drive to locations to pick up deposits, open accounts, etc. Most of us in the mobile banking world do not offer much (if any) in the way of cash transactions.
"Do you have any resources for writing a section of the security program on mobile banking? Most of my regular branch security program will apply, but there are probably specifics that should be addressed. Other financial institutions that I have called that have mobile banking do not have a special section in their program to cover it. Help!"
Readers - Can you help?
Copyright © 1999 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 7, 8/99
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