We have a customer that transfers money from his operating account to his tax account each month. His accountant has asked him to do this in check form for tracking. When he writes the check he puts his account number as the "Pay to the Order of" line. Is this acceptable?
Should a bank cash a check made payable to a corporation or any business?
If a commercial customer has an account with our bank, and he pays his employee who has a charged off account with us and owes us money, are we bound to cash the check for the party who owes us money, and not have him pay us what he owes us?
Bank A issues a cashier's check for $25,000 payable to Smith Jones Construction. Bank B accepts the check for photo deposit into Mr. Jones' personal, private account indorsed with only his single signature. The cashier's check is never endorsed in the name of the payee company. Bank A then accepts the check from Bank B. Mr. Jones quickly withdraws the money from Bank B and misappropriates the funds. The business itself never gets paid. If it matters, this is in Ohio.
What banking errors were made here and by whom? The business is asking for recourse.
If grantors of a trust are deceased, can the trustee's leave the SSN of the grantor as the tax ID for the account and can they make deposit into the account not payable to the trust specifically?
If we have a customer that recently purchased a business. He wants to deposit a check made payable to the business but is also payable to the former owner. Should we just have them request a new check be issued to only the business or, based on paperwork provided can we confirm the current customer has rights to anything made payable to the business going forward regardless of the additional reference to prior owners?
How long should a bank continue to pay valid checks on an old account that was closed due to fraud from the new account opened by the customer?
Is it ok for someone to deposit checks into an account made payable to them when they are only an authorized signer on the account? And if the check came back do we have right of offset to charge that check back to the owners account?
Can a customer whose deposit account has a negative balance, cash a payroll check at the teller line or can we require the check be deposited first? If so, how should the teller run the transaction?
We were presented with a check. On that check was printed "Not negotiable before due date." Is this in regard to the actual date on check? With the current regulations in place does it matter as to when this item is processed or must it be processed no earlier than that day?