Is a check payable "FOR" someone the same as a Representatives Payee? I've seen checks that do not have "Representative Payee for..." just "For..." John Doe FOR Sally Doe Is this sufficient, or what should it read?
We currently have outside counsel providing what I believe is inaccurate guidance. However, I'm struggling to find resources I can use to refute their regulatory interpretations. Specifically, this applies to a consumer's right to stop payment under 1005.10(c). Can you please advise how these requirements apply to: 1. Preauthorized transfers for loan payments (we are the lender/servicer) drawn on both external (we obtain debit authorization) and internal deposit accounts; and 2. Preauthorized bill payments both issued against the bank's/vendor's account and debited directly from the consumer's account. We hold the consumer's deposit account and offer the bill pay service.
Reg E (12 CFR 1005.17(b)(2)) says we cannot condition the payment of checks and other transaction on the whether the consumer has opted into overdrafts via ATM and one-time debit card transactions. However, it does not clarify whether the opposite is allowed – meaning can you condition ATM and one-time debit card transactions on whether someone has opted into overdrafts via check and other transactions? I can't find any guidance on this question, so any advice is much appreciated.
Can we waive early withdrawal penalties on CDs?
Where in the regulations does it spell out the time limits and liabilities for banks regarding counterfeit checks, altered checks, forged endorsements, etc?