03/24/2024
How do banks handle loan solicitation checks at their branches? Do all banks accept these types of checks, or are we even required to? If they are accepted, when do they give the customer availability or could this type of check be sent for collections?
I thought collections was only for foreign checks.
12/03/2023
Can a check payable to "JANE DOE Life Estate Tenant u/t/w of John Doe, Deceased and Child 1, Child 2 & Grandchild 1, Remaindermen" be deposited into the life tenant's individual account or a multiple party account owned by all named parties?
06/05/2022
Can the maker of a check cash it for the payee by endorsing the back?
Example:
* Payee: Donald Duck,
* Maker: Peter Pan
Peter Pan comes to the bank on behalf of Donald Duck. Peter endorses the back of the check. Donald Duck has not endorsed the check. Peter is the maker only of the item. Can we give Peter the cash?
09/29/2019
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?
10/29/2017
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
bank.
I am worried about the CDD and the BSA aspects of engaging in this type of activity. Any thoughts?
11/10/2014
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?
05/07/2001
We are in process of writing a privacy policy, and have a question. The one that we are using as an example states " at the time a consumer approaches the bank to obtain prequalifying information for a product or service, or opens an account, requests a loan, or transacts a banking service, the initial consumer data protection and privacy notice will be provided. At that time, each consumer will be required to acknowledge that he or she received a copy of the initial notice." What we are afraid of, is that this is saying that anytime someone comes into the bank to purchase a cashiers check, cash a check drawn on one of our customers accounts, we are going to have to give a notice or keep some type of log. We are wondering if this statement is something that could be omitted in its entirety, since it refers to a consumer.