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September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott

September 24
Using CPTED to Make Our Banks Safer;
Dana Turner and Carol Dodgen

September 30
Revised Escrow Rules - Review and Update;
Jack Holzknecht and Mary Beth Guard

October 7
CRA - Digging for Credit;
Patricia Cashman

October 8
Applicants and Applications: Knowing the Players and the Rules;
David Dickinson



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#613947 - 09/15/06 03:49 PM payee on fbo account check deposits
VirginiaBanker Offline
100 Club

Registered: 11/02/05
Posts: 112
WE have a opportunity to open a commercial account for a customer (lockbox firm)who is processing transactions for its clients. Account will be titled in name of processor, processor's SS#, etc. Checks deposited will be made payable to the client. What kind of endoresement issues will we have here since checks will not be made payable to our customer. Do we need endorsements from both entities?

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Deposits and Payments
#613948 - 09/15/06 11:57 PM Re: payee on fbo account check deposits
cologirl@heart Offline
Gold Star

Registered: 03/27/05
Posts: 355
Loc: WY - still a CO girl, though
Okay, so I am not an expert... but when I worked down south (Colorado way), we had several credit unions that would bank with us. If we ever had anything come back on them for endorsement issues, we sent them back to the CU. We never had any way of proving that the account belonged to the payee. That was their job. They are responsible for the endorsement of the item. Hope this helps some.
_________________________
...it's all opinion, until proven otherwise...

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