Why we should not cash checks payable to businesses
05/22/2022
Why do we tell our tellers not to cash checks payable to businesses that bank with us?
John Burnett
Bio:
John Burnett joined Glia Group, Inc., and BankersOnline in 2004, and currently serves as Executive Editor. He is a 1990 honors graduate of the Stonier Graduate School of Banking and is an alumnus of the ABA National Compliance School, where he served on the faculty for several years.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He is a regular presenter of BOL Learning Connect webinars and a presenter at BOL Conferences events.
Contact info:
You may contact John via email at jburnett@bankersonline.com.
Questions Answered
Double Deposited Checks, e- and Paper
05/22/2022
We have a customer who pays a company, that company processed the check as ACH and days later deposits the actual check. In this case are we able to return the actual check that cleared secondarily as duplicate item within the 45 or 60 days from statement date?
Controlling Employee Overdrafts
05/22/2022
What department is best to manage employee account overdrafts?
Avoiding a loss when a check is deposited twice
05/15/2022
Our teller accepted a check for deposit that had been mobile deposited by our customer at another bank a week earlier. The check was returned to us unpaid due to duplicate payment. Our customer’s account is closed. If we can’t collect from our customer, will we have to charge off the amount of the check?
Deadline for a stop payment order.
05/08/2022
Our customer stopped payment on a $500 check two days after we posted it to his account. The bank that we sent it back to charged it back to us at the Fed as a late return. Who’s responsible for the loss?
Is Reg O Reporting Charter Driven?
04/17/2022
Are state-chartered, non-FRB member banks subject to the reporting requirements of Reg O as relates to identifying related interests and the required annual report to the board of the outstanding amount of any credit that is secured by shares of the institution if the shares of the institution are not publicly traded?
Notice requirements for closing an account
04/10/2022
How much notice of our intent to close her account do we have to give the owner of a personal account?
Removing a joint owner from an account
04/03/2022
Can one owner of a joint account remove the other joint owner without his or her consent?
One name at a time, please
04/03/2022
Can a recently married person keep her old name on old accounts and open a new account using her married name?
Power of attorney and joint account
03/27/2022
Do both owners of a joint personal account have to agree to allow one owner’s attorney-in-fact to sign on the account?
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