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#558303 - 05/25/06 07:13 PM Lottery Scams - Bank Checks
Jerseygirl Offline
Platinum Poster
Joined: Apr 2005
Posts: 684
Jersey Shore
This week alone we had 3 customers come in w/ checks from a lottery scam - we are facing this weekly now and we aren't a large bank! For the most part we have been lucky in catching them at time of deposit and have been handling them as collection items because if we accept them for deposit they fall under Reg. CC timeframes.

As an industry does anyone know if the FRB or other group is looking at this problem and considering any update to Reg CC to assist the banks and customers from losses?

Does anyone know if I wanted to write a letter to someone who it should be (congress? regulators?). Any thoughts? Are other banks handling these (and other bank check scams) items differently?

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#558304 - 05/25/06 07:56 PM Re: Lottery Scams - Bank Checks
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Congress wrote the law, and drew the details to such a fine point that FRB really doesn't have much discretion in the regulation. Congress, you needn't be reminded, is a political institution. It is very sensitive to public (read:consumer) opinion.

I don't hold out much hope that any appeal to the sensibilities of poliiticians will overcome their inherent desire to be reelected.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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