Latest Compliance - Check Presentment Topics

Deposit Checks Payable to Deceased in IOLTA?

02/17/2019

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?

Reg CC Multiple Low Risk Items-$5,000 Rule

12/16/2018

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?

Check to Individual: Accept for Loan Payment?

12/09/2018

Can a check that is payable to an individual be accepted for a loan payment?

Customer Depositing Checks w/Bank as Payee

12/02/2018

We have a customer who deposits money into her dads account monthly. These deposits are from her account with another bank. She is adamant about making the check out our bank instead of her dad and we deposit the check with our bank as payee into her dads account. Where can I find documentation for her that this is not acceptable?

Charged Back Check as "Refer to Maker" Redeposit?

09/02/2018

Can a check that has been charged back as "Refer to Maker" be redeposited?

Cashier's Check Came in thru Fed Cash Letter

08/19/2018

What is the process for handling a cashier's check that came in through the Fed cash letter, that has a stop payment on it and also we have a signed declaration of loss. I know we can't return it as a stop payment. Is there a way to return it or would we deal directly with the BOFD?

Business Acct. Check Flagged as Duplicate (UCC)

05/06/2018

A check clears on a business account. The signature is good, it is within check number range and there are no red flags. Three days later another check clears, but it is flagged as duplicate. The client claims the first check is fraudulent. What is our recourse and obligation to the business, and is this different than a consumer account?

Timing on Returned Deposited Items

03/11/2018

Our customer deposited a check on 2/6/17. We received a NSF return on the 9th. On the 9th we re-presented the item but did not get the 2nd NSF return until 2/16/17. On 2/16, I submitted a Fed Adjustment (late return) but failed to include the image of the item so it was rejected by the Fed on 2/27. On 3/1/17 I resubmitted the return with the required documentation. On 3/24 I received a reversal stating "Please deal directly with the Drawee Bank. Our files are now closed. Thank you" Is there a time limit for when the depository bank can make a late return claim for a 2nd representment? Since I made that error, are we now too late to make the claim? What is our recourse or do we have any?

Check Payable to Trust for Deposit into Personal?

03/04/2018

Can a bank accept an check made payable to a trust for deposit into a personal account?

John Doe Life Estate/John Doe Life Tenant Checks

01/28/2018

We seem to be seeing more and more checks made payable to 'John Doe Life Estate' or 'John Doe, Life Tenant'. Could you explain what that means to us when John Doe wants to negotiate that check? We had a customer today with a check written like this and she explained that the reason her's said that is because when she passes, the checks from the oil and gas company will continue to go to her children at the time of her death. Any further explanation you could provide would be super!