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#1950572 - 08/07/14 09:16 PM CD interest checks
Banker83 Offline
Junior Member
Joined: Sep 2007
Posts: 33
If a bank mails an interest check off of a CD to a customer and the check is returned undeliverable every effort is made to determine any new/appropriate address. If no revised address is found can the check be voided, and the interest added back to the CD or should it be held until the time of escheatment?

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#1950602 - 08/07/14 09:46 PM Re: CD interest checks Banker83
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The check is subject to escheat.

[Please don't tell anyone, but if I would be tempted to add the amount of the check back to the time deposit and reset it so future payments are added back to the principal. I'm not trying to cheat the state as I assume there will be some point where the deposit itself (plus the interest added back) will be subject to escheat. I would make certain that my auditor knew what I was doing and the trail was clear.]
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#1950630 - 08/07/14 10:32 PM Re: CD interest checks Banker83
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Just another reason to get rid of CD interest checks....
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