Dormant Accounts & Checks

Posted By: DepositOps

Dormant Accounts & Checks - 03/31/09 09:16 PM

We had an account that has been marked dormant have a check come thru the Fed for payment. We verified the signature to the signature card and contacted the customer to make sure that they wrote the check. Should we need any further written authorization from the customer? Should we make the customer come into the bank? The concern is that I will not be able to get the customer into the office before my return time frame runs out. Does any one have a dormant policy that reflects how to handle these situations or a policy that they can share?
Also, how do you handle HELOC checking accounts?
Posted By: OkieDokie

Re: Dormant Accounts & Checks - 03/31/09 09:28 PM

Your procedures appear reasonable. If you verified signature and made contact with the customer as to his writing the check, I don't think having him show up in person to say "Yep it's mine" is going to add an increased amount of scrutiny to your procedure. Dormant accounts have always received more review and I think you have performed enough.