Fellow Bankers,

WE had a customer redeposit an IRD which was returned previously as NSF. They redeposited it at a foreign bank's ATM that they often make their deposits at. I received the IRD back with a note "It's not acceptable through the ATM". Is this a rule, and if so where do I find more info about it?

Thanks,
Gwen

You can make deposits at a foreign bank's ATM?

yes, we are on STAR's network, and we are a small bank so there are limited options for ourfurther away customers - we allow foreign customers to deposit into our ATMs, and they do the same for us (well, some do, some don't)

Foreign in this case doesn't mean "foreign." It means "not ours."

Although substitute checks are the legal equivalent of the originals from which they are derived, any bank can refuse to accept a check for deposit, including a substitute check.

Check your exhange agreement and see if the deposit of substitute checks are addressed. If not - they may have violated your agreement and you need to point that out. This of course is unless you really don't want them to accept them which IMHO is not a bad idea.

Thank you for your answers, it all makes sense to me now..