03/03/2024
Can a check that was returned as FROZEN ACCOUNT be redeposited?
02/25/2024
We need an advice for below situation.
1. Our customer cashed a check for $9,230 from another bank at one of our branches on 11/21/23.
2. On 11/27/23 we received a return for this item as Stop Payment.
3. On 11/28/23 we processed a late claim returned to Fed and received the credit from Fed same day.
4. On 1/19/24 we received a late returned debit from the Fed to deal directly with the other bank. We contacted the other bank as they insisted that it wasn't a late return.
How can we resolve this situation and how we can ask other bank to pay us?
01/14/2024
I am working with a new core system and we are discussing our exceptions process for items presented that cannot post for various reasons i.e. NSF, closed account, account restriction, etc. This system will not backdate the item to the date of presentment in cases where we choose to pay it. Is there anything that states the item must be "paid" on the date of presentment?
Every other core I have ever used in my 28+ years has always backdated the item to the presentment date.
04/02/2023
When a fraudulent check is presented for payment after the account is closed, is it returned as 'fraud'?
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.
02/12/2023
If a fraudulent check is discovered months after clearing the paying bank, can it be returned through the Federal Reserve?
10/16/2022
We have an ACH compliance question. One of the credit unions that we audit has reached out regarding an ACH return request. They received the request on 9/1/2022; however, the effective date of the transaction was 7/22/2022. This was returned R06-Returned per ODFI's request and appears to be outside of the requirements for the time of return. The question is:
1) Does the CU have to honor this return and
2) if so, is it acceptable to honor the return via fax? We are thinking that it would need to go through the Federal Reserve?
10/02/2022
Our credit union received a request for a return for an ACH transaction that was made in error. The request was sent to via fax on 9/1/2022. The original transaction was dated 7/22/2022 and is now outside of the return time frame. Is the CU required to honor this return and, if so, is it acceptable to honor a fax'ed request? We are under the impression that it would need to go through the Federal Reserve. Any advice that you can offer would be greatly appreciated.
02/20/2022
Is there a possibility that POS transactions can be returned the same way ACH transactions are?
01/30/2022
Under what legal authority could we as the depository bank seek to recover a check timely returned by the "midnight deadline" when multiple prior checks were not timely returned by the "midnight deadline"?