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January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
Susan Orr

January 15, 2015
The ABC's of IRAs - The Basic Ingredients
Patrice Konarik

January 20, 2015
B & Z Appraisal Rules - Getting Them Right
Jack Holzknecht

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



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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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