If Bank A accepts a mobile deposit that is endorsed with "For Mobile Deposit Only" and that same check is then physically deposited at Bank B with that same endorsement, what bank is liable for the loss?
I am new to my role and getting several different answers to this question. Can we cash a personal check for a customer if all they have is an LLC or Corporate account? Can that account be used for recourse?
An on-us customer sends out loan checks and on the back prints "For Deposit Only" under the indorsement line on the back of the check. Can this check be cashed?
We have a non-banking client who received several checks from his deceased grandmother (our client) which total over $10K. He is traveling from KS to Fla to cash these checks. Our problem is that he doesn't have a Social Security Number. Can or should we cash the checks and create a CTR, or refuse him? He does have a DL. He lives off the grid....we will file a SAR for sure.
Can a check payable to an LLC be endorsed over to a corporation?
We have a customer that is wanting us to accept checks made payable to his LLC and allow him to deposit them into his corporation account.
One of our official checks cleared twice. A nonmember walked the paper check into the branch to be cashed and completed the full endorsement on the back of the item. Later that same day, we received the item again in our daily check processing batch. That one looks to be taken in by the other bank as an RDC, however there is not one thing written on the back of their image - no signature, no "for mobile deposit" check mark, no "for mobile deposit only" written - nothing.
We did not find this duplicate until we reconciled the monthly register for official checks. Do we have any claim to recover the funds from the bank that ran the RDC without any sort of endorsement? We hold the paper item.
A customer with charged off loans came in with a check drawn on another customer of this bank. The check had sufficient funds to cover the check. Since the payee of the check had charged off loans, are we required to cash the check?
We had a customer who filed a counterfeit affidavit of forgery in June for an item which cleared in May. The customer notified us beyond 28 days and but within 60 days. We had to deal direct with the other bank (Chase). Since the customer notified us within 60 days does this mean we take the loss, or can we wait for the other bank to respond? If we can wait, how long does the other bank have to respond to our request?
When mailing a chargeback to a customer, is it required to include a brochure explaining Check 21? We give out disclosures at account opening explaining Check 21 and since it's been in place since 2004 do we really need to send one with every chargeback?
Our business customer (#1) wrote a check to another business (#2) for services rendered. #2 claims that they never received the funds and #1 filed an affidavit of forged endorsement with us. The claim was sent to a large nationwide bank (LNB) where the check was negotiated, in a town located in the same state as #2. The account was opened at LNB using the same established address as #2. We don't know when or if this particular check was part of opening funds.
LNB denied our claim due to the established account using #2's business identity. Evidence from LNB indicates the account was overdrawn at some point and then closed by LNB. Do we have the right to then chargeback the funds to our Customer #1; or is LNB required to refund the funds to our bank, based on the claim of forged endorsement by our customer #1?