For the Reg CC RDC indemnity, it states; "(2) A bank described in paragraph (f)(1) of this section shall indemnify, as set forth in § 229.34(i), a depositary bank that accepts the original check for deposit for losses incurred by that depositary bank if the loss is due to the check having already been paid."
We have a customer which is a business offering check cashing and it makes deposits via remote deposit capture. I am confused over the liability and timing of paper vs. electronic deposits, duplicate items and will restrictive endorsements influence liability?
What compliance risk is there associated with one of our business deposit account customers asking us to cash checks for their employees? The employees do NOT bank with us AND the payroll account is drawn on an outside
I am worried about the CDD and the BSA aspects of engaging in this type of activity. Any thoughts?
Foreign checks deposited into a customer account have been sent previously to another bank. We just received notice from that bank that we will be charged $51 fee for the exchange. We have consumer and business accounts we have received a foreign check on. Do we have to give our customer a 30 day notice about the charge? We give our customers immediate credit at this time so we would have to charge the account. Also, can we charge them a larger amount than what we are being charged by the other bank?