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#1458348 - 10/22/10 01:11 PM Official checks
blvsinangels Offline
Gold Star
Joined: Aug 2003
Posts: 372
We currently have a third party that clears our official bank checks. We issue them through the third parties software and they are actually drawn on an outside bank.

We want to issue our own official checks drawn on an internal account. Are there any rules or regulations that I need to consider before we begin this process? I know I will need an indemnity bond for lost instruments...but are there any FDIC rules I need to consider?

Thanks for your input!

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#1458488 - 10/22/10 03:27 PM Re: Official checks blvsinangels
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Make sure you have a process in place to track clearing of items and subsequent escheat of qualifying staledated items.
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#1459206 - 10/25/10 08:10 PM Re: Official checks BrendaC
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,858
Cape Cod
Talk to an attorney about indemnity bonds and lost/stolen/destroyed checks. Review Section 11-3-312 of the Georgia Code (section 3-312 of the UCC) before you contact the attorney. It may be unreasonable to require a bond once the 90-day waiting period has passed under the provisions of 3-312.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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