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October 24
How to Audit Advertising - Compliance Issues Here, There, Everywhere!;
Patricia Cashman

October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett

November 5
Vault Burglaries, Floods, Fires & Other Disasters;
Dave McGuinn

November 6
MLO v LO - Who Has to Do What?;
Jack Holzknecht and Mary Beth Guard

November 13
Domestic Violence & Workplace Violence: There Is A Link;
Shelly Collins and Dana Turner



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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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