10/10/2021
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!
12/13/2020
We had a foreign check returned to us from the clearing US bank. The date of deposit was June 11 and we are just getting it back more than 4 months later. Are we able to refuse this?
12/06/2020
I received a declaration of unauthorized endorsement or altered item from an institution. The check was made to three parties, however I do see that one endorsement is missing. This check was deposited in July 2016. Is the bank of first deposit (us) liable for this item 39 months later: What is the time frame for this return?
10/06/2019
We returned three checks that were written on 8/22 and 8/23 as forgeries. Today, I received a claim of late return. I thought we had 60 days to
return these; can you please clarify the parameters for this?
05/19/2019
For an ACH transaction we (RDFI) have received, we believe a third party made the payment to an account and we (as RDFI) would like to return it. May we return it using the return code R23? R23 description sounds as if the recipient account holder should return the transaction.
07/01/2018
Where can I find a complete listing of Check 21 return codes?
04/29/2018
"A" deposits a check from individual "B" in his account. The check bounces. Both banks are located and do business in Los Angeles county. How long (or how many days) the bank has to inform "A"?
- Please include the code / regulation reference.
- I understand that depending on different factors it could take from couple of hours up to 2 business days (for the bank) to find out that a check has bounced .... the question is when the bank finds out (a) the bank is obliged to inform A and (b) within xx number of days.
03/11/2018
Our customer deposited a check on 2/6/17. We received a NSF return on the 9th. On the 9th we re-presented the item but did not get the 2nd NSF return until 2/16/17. On 2/16, I submitted a Fed Adjustment (late return) but failed to include the image of the item so it was rejected by the Fed on 2/27. On 3/1/17 I resubmitted the return with the required documentation. On 3/24 I received a reversal stating "Please deal directly with the Drawee Bank. Our files are now closed. Thank you"
Is there a time limit for when the depository bank can make a late return claim for a 2nd representment? Since I made that error, are we now too late to make the claim? What is our recourse or do we have any?
01/14/2018
How many tries does an ACH have upon being returned for NSF for a monthly loan payment? Is there a law or regulation that states an ACH cannot be sent out more then 2 times in a one month period in MN?
08/20/2017
Is a funds availability date required when using the Reg CC hold notice for large dollar charge-backs? The regulation requires you to state on the notice when the funds will be available, however, when you know the
item will be charged back then are you not incorrectly informing the
customer?
