Can a hold be placed on a cashier's check (not one issued by us)? If not, and the check is returned to us as counterfeit, forged, etc. what should be done? How can we protect our bank?
After researching Reg CC, I've concluded that we are only required to provide next day availability on cashier's checks that are drawn on our bank. Is that correct? Can we place holds on cashier's checks drawn on other banks using the case-by-case hold guidelines for local and non-local checks?
Is an Official Check considered the same as a Cashier's Check under the Reg CC next day availability rules?
We are having a discussion regarding OFAC and the checking names of payees for cashiers checks. One person believes all names must be checked, purchaser status customer and noncustomer. The second opinion is: names of payees for cashiers checks purchased by noncustomer only are to be checked. Who is correct?
Is there any guidance as to when it is appropriate to put stop payments on official bank checks? We've had a couple of instances where customers have purchased cashier's checks, the checks eventually get lost in the mail, and then the customer wants us to readvance the funds without putting a stop payment on the original cashier's check. We've always told the customer that in order to readvance the funds they would first need to put a stop payment on the 1st check or wait until the 90 days has expired. We also have the customer sign an indemnification agreement.
I was asked by an officer of the bank I work for to issue a Cashier's Check to a company using his business check. He wanted the remitter to be someone besides himself or his company that the check was on. I know I have always been taught that your remitter has to be the person purchasing the check. If they wanted it to be from someone else you were to have that persons name F/B/O whomever else they wanted it to be from. Would I have been doing anything unlawful if I would have done this for him? He is also part owner of this bank.