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January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer

February 2, 2015
Answer HSA Questions with Confidence
Whitney Johnson

February 3, 2015
BSA/AML Compliance: Recent Developments and Common Errors
Ken Golliher

February 4, 2015
Mortgage Life Cycle
Part II
David Dickinson and Jerod Moyer

February 5, 2015
Annual Lending Compliance Recap
John Burnett and Andy Zavoina



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#1725985 - 08/01/12 01:43 PM Identity Theft and Check Deposit
Wallpe Offline
New Poster

Registered: 03/05/10
Posts: 3
We have a customer that opened an account 7 years ago. She went to another office and opened another account using the same SSN but a different name. The new account was opened before we were able to determine that this individual was using the same SSN but 2 different names. We now know the SSN and supporting documents were purchased and belong to someone else. Our problem is what do we do with the check, funds, that were deposited into the new account with the fraudelent name and SSN? The check was proceeds from a 401(k) for over $12,000. A 10 day hold was placed on the funds and due to expire in a day.

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Deposits and Payments
#1726183 - 08/01/12 04:46 PM Re: Identity Theft and Check Deposit [Re: Wallpe]
Ken_Pegasus Offline
10K Club

Registered: 08/30/01
Posts: 17685
Loc: Another trip around the sun
I'm assuming your initial hold period was based on a "new account" exception hold. Any hold you impose right now would be based on the facts and circumstances surrounding the transaction, not a reference to specific law or regulation.

In your shoes, I would call the customer and ask "What's the deal?" Depending on what explanation is offered, I might then call the issuer of the check.

Please don't misunderstand, I am not saying I would not put on a meaningful hold (perhaps based on reasonable cause to doubt collectibility) I would just gather all the information I could first.
_________________________
If you want to go fast, go alone. If you want to go far, go together. African proverb

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#1726184 - 08/01/12 04:49 PM Re: Identity Theft and Check Deposit [Re: Wallpe]
milby Offline
Platinum Poster

Registered: 04/26/07
Posts: 953
Loc: Tejas
I'd start by calling the non-profit and ask if the check is valid - non-profits are notorious for not keeping an eye on their accounts. That might prompt them to file a dispute and you can use that info to extend the hold for "we believe this check will be returned unpaid."

In any case, the only person that can withdrawal from the account is the true owner - you have verified that the person that actually opened the account isn't who they say they are, sop they can't withdrawal. You don't havea valid signature to compare withdrawals to, so just return anything that attempts to post. That will buy you as much time to figure out what to do with the money as you need.

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#1726194 - 08/01/12 05:02 PM Re: Identity Theft and Check Deposit [Re: Wallpe]
Kathleen B Online

10K Club

Registered: 12/27/00
Posts: 17987
I'm confused. What non-profit?
_________________________
Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
www.kaybeescomplianceinsights.com

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#1726214 - 08/01/12 05:31 PM Re: Identity Theft and Check Deposit [Re: Wallpe]
HappyGilmore Online
10K Club

Registered: 06/11/04
Posts: 17571
Loc: somewhere over the rainbow
if you've determined that the person whom opened the account did so with fraudulent identification, then i wouldn't be letting anyone withdraw from the account...regardless of their name...and law enforcement would be involved for identity theft...
_________________________
Get busy living or get busy dying.

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#1727522 - 08/05/12 08:44 AM Re: Identity Theft and Check Deposit [Re: Wallpe]
Kt, CCBCO Offline
Member

Registered: 11/03/10
Posts: 63
Loc: State of Confusion
I would refer to your Red Flag Identity Theft Prevention Program. It should outline what steps need to be taken.
_________________________
Opinions expressed here are based upon my experience, strength, and hope.
They are not those of my employer.

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