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?
If we have a check presented for payment and the written/numeric amounts on the check differ, are we allowed to write what we took it for above the numeric amount? At a previous institution that I worked for, we wrote it in red ink, so the proof person would know instantly what we read it as.
What can we do about a dated and outstanding expense check which is less than $50.00? We cannot locate the payee (an individual).
We have a business customer that mailed a check to a business for payment, and that payee is claiming they never got the payment. We can see the check cleared our customer's account in February 2018. We feel it could have been intercepted by a third party and negotiated. The BOFD did confirm that the check was negotiated at their institution, but obviously can not confirm who the third party is, or if it is in fact a third party. Do we have any recourse on this? We were thinking a warranty claim but do not have much experience with this or where to find those forms.
What is the proper identification for cashing checks or making deposits?
We received a letter from another bank with a check for collection. It was returned to them as NSF and they would like us to collect on it. We are wondering if it is 10 business or calendar days that we as the bank needs to look?
Does anyone have any suggestions for putting together a policy on how to handle customers using cell phones to take photos or record interactions within a branch?
Should the owner of a sole proprietor business account cash checks made payable to him personally using the business account?
Can an attorney who is appointed personal rep of a deceased individual, deposit checks payable to the deceased (not the estate) into their IOLTA account?
Per Reg CC, when multiple low-risk items are deposited within the same deposit, would the first $5,000 rule apply to each low-risk item, or would just the first $5,000 of the total deposit need to be made available?