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Returning a Fraudulent Cashier’s Check
by Jim Bedsole, BOL Guru
Guru Bio
Question: A customer deposited a fraudulent cashier's check and did not have the funds to cover it, but he or she has requested setting up a payment plan for restitution. How does this affect us regarding a return item?
Answer: The main thing to keep in mind is that if you set up a payment plan and you put the plan in writing, and the plan anticipates more than four payments, it would be covered under Reg Z TIL disclosure requirements assuming the deposit account in question is a consumer purpose account.
First published on BankersOnline.com 3/24/08
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