We received a call from a credit union on 9-1-21 informing us that a cashier's check on them was fraudulent. We sent that check out on 8-5-21. We waited 10 business days to give the customer credit. (8-20-21)
The customer has spent more than half the funds but I placed a hold on the remaining amount. Do credit unions not return through the Fed like banks? They sent us an Indemnification Agreement to sign and send the funds back. Could this be considered a Late Return? Help!
I am new to work in a bank and want to know if all banks verify the cashier's check the same way. If a non-customer walks into the bank and tries to cash a $180K cashier's check and asks for $5000 in cash and the remainder in a cashier's check, do I legally have to do this? And if they don't want to open an account do I have to cash it for them?
How do we know when a check is valid, or if it has been altered or when it isn't as I haven't been taught how to verify another bank's cashier check?
I am trying to create a monetary instruments log for our credit union. I have not been able to find a list of the required information needed on the log. Where can I find that information?
What can we do if one of our cashier’s checks is converted and paid as an ACH check conversion?
A customer cashes a large check that results in a reportable CTR. My question is that the funds from the check are for Christmas bonuses for the
customer's employees. I have the customer as the conductor, but who will be the beneficiary? Can we list the business as the beneficiary?
Is there a timing requirement to return a Cashiers Check that is counterfeit?
We are the bank of first deposit for a cashier's check returned to us due to a stop payment by the paying bank. It is past the 24 hour window. We need the proper verbiage or a sample template to demand payment, in writing, based on UCC. Do you have a sample?
When two cashier's checks are deposited together and held as a Large Deposit, should $5,000 of the total be made available immediately or is $5,000 from each check ($10,000 of the total deposit) made available immediately?
What is required for cashier checks and money orders purchased at a bank in relation to OFAC?
Are there any rules that would prevent us from reissuing a cashier's check every few months for a customer? She comes in and wants a fresh check but never cashes it out. Is that a reportable suspicious activity? Are we breaking rules by doing this?