Presented by:
John Burnett
A customer calls to stop payment on a check on his account. You look the check up and see that it was presented yesterday as an in-clearing item. Is the stop payment timely, and can you return the check?
How should you return a check drawn on an account that has been attached by a creditor?
Can you return a check that your customer claims was never authorized if, instead of a signature, the words "Authorized by your customer, no signature required" appear?
Who's liable if your business customer claims that he's found 15 checks on his account that she thinks were forged by her office manager six months ago?
Handling return items at the paying bank is a lot more than reviewing the overdraft lists for checks to be returned. There are stop payments, remotely created checks, checks presented both in paper and ACH format. That's just the fun stuff! You need the know the legal framework for your bank's liability for paying altered or unauthorized checks, too.
We will be focusing on paper checks (real and alleged) in this two-hour session. Electronic items will not be addressed. During the session, we will develop a "best practices" approach for handling customer claims on items you've charged to their accounts.
As we do that, we'll be discussing:
checking endorsements,
standard return reasons,
the "midnight deadline," which return items must meet it,
warranties by returning banks,
unauthorized drafts vs. "buyer's remorse"
what are expeditious methods for return,
providing notice to the depositary bank of large dollar return items,
returning items "with entry,"
returning items "without entry;" i.e. "bank to bank,"
when the other bank refuses: alternatives to "without entry" returns
sample letters for "bank to bank" returns,
sample affidavit of forgery or alteration,
sample "unauthorized" affidavit for remotely created checks
VIEW A 10 MINUTE SAMPLE
(requires Windows Media Player and IE).
About the speaker:
John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from the Stonier Graduate School of Banking. He is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.
John brought over 35 years of banking experience (over 25 of them in Compliance and Operations) to Glia Group, Inc. and BankersOnline, when he joined them as a "BOL Guru" and Associate Editor in June, 2004.
He is a former member and chair of the Massachusetts Bankers Association's Legal and Regulatory Compliance Committee. He is an advisory board member for Bankers Hotline, and has participated in several ABA and Massachusetts Bankers seminar panels.
CD-ROM includes:
- Complete presentation (including slides and audio)
- Written Materials
- Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.
About the Speaker:
John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from the Stonier Graduate School of Banking. He is also a graduate of the BAI and the Massachusetts Banker Association Schools of Banking.
John brought over 35 years of banking experience (over 25 of them in Compliance and Operations) to Glia Group, Inc. and BankersOnline, when he joined them as a "BOL Guru" and Associate Editor in June, 2004.
He is a former member and chair of the Massachusetts Bankers Association's Legal and Regulatory Compliance Committee. He is an advisory board member for Bankers Hotline, and has participated in several ABA and Massachusetts Bankers seminar panels.
This product was added to our catalog on Friday 05 May, 2006.
