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#119319 - 10/01/03 08:10 PM Exchanging returned check for cash?
Anonymous
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Where a local community service organization (non-customer) presents a returned check to the bank would your normal practice be to (a) give official check or (b) give cash?
Ours is to give check, but they're requesting cash to put in petty cash.

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#119320 - 10/01/03 08:15 PM Re: Exchanging returned check for cash?
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Since the service organization is a non-customer and we would have no way of knowing which individuals are authorized to act on their behalf, we would issue a bank check, payable to the organization. Even if the org was a customer, I prefer my staff to issue the check - that way we never find ourselves in the middle of an internal organization squabble - the good old Cover Your Assets (CYA) rule of banking!
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#119321 - 10/01/03 09:01 PM Re: Exchanging returned check for cash?
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
I agree with Tex Trainer except I thought CYA meant something else.
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