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Latest Compliance - Endorsement Topics

OCC Reg on Depositing Signed Over Check

03/23/2015

Under the OCC's regulations can you deposit a check into the customer's account if the check is written to a different person and he or she has signed it over to the person that has the account?

Time Limit for Returning Forged Checks

05/06/2013

My customer mailed a check to their employee. The employee had moved and someone else cashed the check. My customer gave their employee the money for the stolen check. My customer wants the bank to credit his account and return the check because of the forged endorsement on the back of the check. This took place over 4 weeks ago. It is my understanding the check can be returned up to 36 months later when dealing with forged endorsements of the payee. Is this correct?

Depositary Bank Disputed Forgery as Late Return

01/28/2013

Our customer wrote two checks to the same payee, one was dated 2/10/12 the second was dated 4/10/12. Towards the end of July, the payee notified our customer that he did not receive the checks. He signed an Affidavit of Forged Endorsement and we returned the check as fraudulent along with the affidavit. The depositing back disputed the item as a late return. Is there anything we can do now? Can we possibly claim breach of warranty?

Forged Endorsement Claim w/o Benefit to Spouse

12/03/2012

We have been presented with a request to return funds for a forged endorsement on a check deposited here. The check in question is made payable to "wife," has a signature (which she claims is forged and that she did not receive any benefit from the check), then "husband" also endorsed and deposited a portion into their joint checking. He took cash for the rest. He has since closed the account. Would we be able to deny this claim since she did receive benefit from the check with the deposit to their joint checking? Or would we still have the liability since she claims it is not her signature?

Checks payable to bank for cash

08/06/2012

Are we liable if we cash a check from a customer made payable to our institution and it is returned for some reason? Do checks to be cashed need to be payable to cash or in the customers name?

Depositing Jointly Payable Check-Payee Signature?

03/05/2012

In the case of a jointly payable check being deposited to an account in the name of one of the payees, is the other payee required by law to sign or endorse for the Bank to accept the check?

Depositing Jointly Payable Check-Payee Signature?

03/05/2012

In the case of a jointly payable check being deposited to an account in the name of one of the payees, is the other payee required by law to sign or endorse for the Bank to accept the check?

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Credit Reduction for Extension of IR Lock

08/18/2019

Regarding a lender credit reduction for an extension of an interest rate lock, may a lender reduce a lender credit to extend the lock period? Example; A rate lock expired 4-25-19 and the closing date was 4-28-19. The initial rate lock and Loan Estimate reflect a lender credit of $2000.00 with 4.25% interest rate. The lock was extended through 4-29-19 at the same rate, but the lender credit was reduced to 1800.00. Since the lender credit was reduced based on an interest rate dependent charge, is this acceptable for interest rate extensions? If it is, is there a requirement that documentation confirms the delay was due to the borrower or outside of the lenders control?

Advertising rates

08/18/2019

If we price HELOCs based on the applicant's credit score and loan to value ratio, so some borrowers get a lower rate than other borrowers, can we disclose the lower rate in our advertisement, or do we need to disclose both rates? Do we also need to specify the criteria for receiving the lower rate?

UCC Check Presentment-Written/Numeric Amounts

08/11/2019

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.

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