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#30697 - 09/03/02 03:17 AM
Re: SARs and forgeries
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Anonymous
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I think you will find Louise that the UCC and the NACHA rules allow for returns later than the 24 hour midnight return requirements. This may help in your decisions to return the transactions or not. When proven fraud occurs the return period is extended much longer that the 24th hour. We consider every customer complaint, but weigh each on several decision factors.
As for the SAR, considered complete without the name of person committing the crime. If it is, or isn't, we fill out the SAR to the fullest, retain the documentation, and mail the form after the BOD audit committee and executive committee has reviewed the circumstances. We belive the liabilities warrant mailing each fraud attempt, if substantiated. We may never know the names, addresses of each offender.
This only our procedure and not our recommendation Mary Beth Guard will have very good advice on the SAR.
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#30698 - 09/03/02 03:28 PM
Re: SARs and forgeries
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Power Poster
Joined: Nov 2001
Posts: 6,719
PA
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In reply to:
When proven fraud occurs the return period is extended much longer that the 24th hour.
This depends entirely on the fraud. The return timeframe is only longer if the depositing bank has breached their warranty (forged endorsement, altered item.) If this is a counterfeit or fraudulently obtained item, if afraid the paying bank is stuck.
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