03/26/2023
I would appreciate direction on where to find in the regulation(s) the requirement for counterfeit checks to be returned within a 24 hour period of payment. We have a client that has had a counterfeit check clear their account and needs proof that it must be returned the next day or it is considered a late return.
03/19/2023
I have a Reg E Section 1005.14(a) question. If a consumer is disputing a charge that originated as an ACH from a P2P or other fintech and we do not have an agreement with the P2P or other fintech, can we as a financial institution direct the consumer to file their dispute with the P2P? Aren't they subject to Reg E Section 1005.14(a)?
02/12/2023
If a fraudulent check is discovered months after clearing the paying bank, can it be returned through the Federal Reserve?
11/06/2022
When customers' deposit stolen checks and send money from the account to themselves or other people through Cash App, Venmo rtc., can we file the Reg E dispute on behalf of the bank to pull those funds back since the member is attempting to use a stolen item to steal money from another person and launder it through us? Basically we would pull all laundered funds back from the stolen item or items.
10/02/2022
If we cashed a third party check for the customer who has a Rep Payee account and the check comes back as fraud, are we able to charge that check back to our customer's account since it is a Rep Payee account?
09/25/2022
Is it a requirement to send a notice to a mobile remote deposit capture (mRDC) customer who apprars to be abusing the program? We suspect a customer of "kiting" between financial institutions. Were we to shut off access to mRDC, do we need to notify them in writing, or with any specific content in the notice?
07/17/2022
Can someone tell me if a bank still has to obtain a original wet signature on a affidavit of check fraud or can it be a signature that we obtained via fax, email, or DocuSign?
06/12/2022
We issued a cashier's check on the 6th of the month and it cleared our bank on the 15th. We were notified by a family member that the cashier's check was fraudulently obtained and endorsed. Am I correct in thinking that we have no recourse since it has been more than 24 hours since it was received and it would be considered a late return?
05/22/2022
We have a customer who pays a company, that company processed the check as ACH and days later deposits the actual check. In this case are we able to return the actual check that cleared secondarily as duplicate item within the 45 or 60 days from statement date?
02/20/2022
Regarding 12 C.F.R. §1005.11 - Am I correct in understanding that consumer liability MAY be applied in the tiers but is not automatically applied to all of those claims in which it may apply?
For example, lets say we have a $74.00 transaction in question and the claim is that it is unauthorized. We determine that it is a fraudulent transaction. If we hold the consumer liable for $50 (granted they told us about it within 2 days of discovery) that means that we could not file a dispute (according to our vendor's procedure) because we would have to file for the full $74 and upon winning that dispute we would then profit from the dispute process as we are only "out" $24 at this point but would have an excess of $50 and no account to apply it to except Other Liabilities and we cannot offset our debit card losses with it. Let's say that we just hold the consumer liable for $50 and write off the $24 as a loss, which would make no sense to me either seeing as how our chargeback process is only $12 a claim.
Also, we have Visa debit cards so in saying that, if the transaction was not run through the Visa network, but say run through STAR, would our consumers not have the Visa Zero Liability protection since the card used has a Visa brand?