I have been approached by a customer who banks with another financial institution for information because they have not been recredited for forgery losses that they reported to their bank. Their question is... Is there a specific time frame that a bank must follow in recrediting a customer who submits an affidavit of forgery for a forged makers signature? I understand that the customer has one year to report the forgery unless the account agreements specify a different time period, but I am not aware of any banking regulation that states that the bank has to provide credit to the customer within a specific time frame. Can you help clear this up?
What is the time limitation on Counterfeit checks on without entry/or on a collection letter? What is the time limitation on forgery signature?
Is a forgery SAR reportable?
We received an endorsement forgery on an item dated in September of 2000. We truncate our checks. Can we still send an imaged copy of the check for collection to the depository bank and collect it after this much time?
Recently on this site was posted percentages on scams now being seen. Check forgery was the highest percentage. I cannot find this site again and I want to include this information in our quarterly compliance meeting. Can you either forward this site to me or e-mail me back as to where to find it?
We frequently have customers who wait 6 months to report forgeries. Our procedure has been to return the item at that time to the depositary bank. (We normally give the customer a refund) It is my understanding that we must return items according to Reg. CC, and this is much too late. Please tell me what we should be doing when this happens? I am new to compliance, but this does not seem like the correct way to handle forgeries. Our deposit agreement states that the customer should examine their statement within 30 days. I know that the customer has one year to report a forgery and three years to report a forged endorsement.