09/08/2024
We are considering allowing customers to use FedNow to receive instant wires. The concern is our customer receives the wire and spends the funds and a day, two, or more go by and we receive a claim to return the funds due to fraud. Which bank would have liability for a fraudulent wire transfer, the sending bank or the receiving bank? Can you provide the references that I should be looking into (UCC, Regulations, etc.)?
05/19/2024
Our customer issued a check to an insurance company. The item was altered (washed), made payable to a new payee, and deposited into that payee's account.
We were outside of the 30 day return window and went bank to bank to recover the funds. We are being told that our claim is being denied due to the following: "The check contains a forged maker signature. This is not an altered item and there is no breach under UCC § 4-208. Our review of other items involving this drawer demonstrates that this check was not signed by an authorized signer of the drawer. As a result, we decline to pay the claim."
How would they as the depositary bank be in any position to tell us that our customers signature is forged? It was not forged. The payee line was altered.
What are our rights to refute their denial so that we can reclaim the money?
04/14/2024
If using a software program, we become aware of a check drawn on our customers account is for sale on Telegram (a marketplace for help depositing a stolen checks) and it is over $25k would a SAR be required? We froze the item and to our knowledge the check was not purchased or negotiated.
04/07/2024
If a bank has fraud on the banks official check account, who does the bank report that to? As we get notifications on other institutions fraud official checks we are unsure of how that information gets sent out.
12/31/2023
Where in the regulations does it spell out the time limits and liabilities for banks regarding counterfeit checks, altered checks, forged endorsements, etc?
12/31/2023
What is the time frame to return a check which was forged or fraudulently altered, i.e. stolen and washed?
12/17/2023
How do we recall a bank-to-bank transfer that was unauthorized? We are the ODFI.
09/03/2023
A customer filed a number of POS transactions originating from Cash App and during our investigation we found out that the charges were linked to a relative of the customer (whom she's previously had issues with). Our customer claims they never authorized this person to use/access the debit card. The documentation stated a physical item was sent to the address that matches that of our customer, but the name linked to the transactions does not match our customer's name. Can we deny this claim since information links back to her address but not her name?
08/06/2023
Are financial institutions required to have a cardholder sign a dispute letter when filing a Reg E dispute on a debit card, or can a dispute be filed verbally and with no signature?
06/25/2023
Is a bank obliged to reimburse a consumer client for a fraudulent check paid out of their checking account? (We are in New Jersey.). Also, the client reported the fraudulent checks 10 months after statement cut which is deemed late according to our account agreement.
I have not been able to locate a rule/code or law that makes us liable to a consumer for this.