We received a call from a credit union on 9-1-21 informing us that a cashier's check on them was fraudulent. We sent that check out on 8-5-21. We waited 10 business days to give the customer credit. (8-20-21)
The customer has spent more than half the funds but I placed a hold on the remaining amount. Do credit unions not return through the Fed like banks? They sent us an Indemnification Agreement to sign and send the funds back. Could this be considered a Late Return? Help!
My institution is launching a new product in the upcoming months, HELOC's. We are currently building the policy and disclosures. It was asked of me if we were required to provide a grace period on payments for the HELOC. I was researching but could not find anything particular.
Can you renew a loan without collecting late charges that are due? We want to renew the loan and leave the late charges in the fee balance field to collect at another time.