Question: We have a loan that closed with the appraisal pending.
I have a member that came in to to fill out an affidavit of forgery on a check that came through her account as pre-authorized signature. She clearly stated on the affidavit that she did authorize the check, but she now found out that this company is a scam. Member did come in within the 30 days from her statement to dispute. But do we have to honor her affidavit when she was at fault for giving out her account number to a company before researching the company?
If you have been wondering how to establish standards or procedures for consumers who wish to file information about identity theft, the government has done the job for you.
I recall that at one point there was a requirement to have customers' signatures on an affidavit of unauthorized ATM/ACH activity notarized. Recently I heard that it is no longer required. Is it no longer required, and if so, could you provide a reference to a regulation or article?
I have been approached by a customer who banks with another financial institution for information because they have not been recredited for forgery losses that they reported to their bank. Their question is... Is there a specific time frame that a bank must follow in recrediting a customer who submits an affidavit of forgery for a forged makers signature? I understand that the customer has one year to report the forgery unless the account agreements specify a different time period, but I am not aware of any banking regulation that states that the bank has to provide credit to the customer within a specific time frame. Can you help clear this up?
In an answer by Ken Golliher to a question regarding counterfeit check reimbursement, he says that "Refer to Maker" cannot be used as a return reason. Did "Refer to Maker" go out the window with Reg. CC? Is there any time when it is appropriate to return an item unpaid for reason of "Refer to Maker"?
We frequently have customers who wait 6 months to report forgeries. Our procedure has been to return the item at that time to the depositary bank. (We normally give the customer a refund) It is my understanding that we must return items according to Reg. CC, and this is much too late. Please tell me what we should be doing when this happens? I am new to compliance, but this does not seem like the correct way to handle forgeries. Our deposit agreement states that the customer should examine their statement within 30 days. I know that the customer has one year to report a forgery and three years to report a forged endorsement.