What is the best way to handle an insurance check made payable to an individual that's being deposited into a business account? For example, John Doe was in an auto accident. His insurance company sent the auto body shop a check made payable to John for repairs. The auto body then deposits the check into their business account. Same type of example for medical claims as well.
We are re-evaluating the practice of accepting third-party checks. Can you recommend a source for me to research and present the risks to executive management?
Our customer reported checks stolen on their account. They filled
out the necessary forms, and we placed an alert on their account regarding
the stolen checks and check sequence numbers and placed stop payments on the
stolen checks. The following day, one of the stolen checks was presented for cash. However, the teller told the person we could not cash it because there had been a stop payment placed on the check. She did NOT give the check back to the person, but she did let the person leave the bank. Was it the bank's responsibility to call the police while the person was still there or should we have just contacted our customer and let them handle the matter with the police department?
We have an account that has been closed for several years due to the account being compromised. We recently have had some checks come through our cash letter and want to know the best reason to provide for returning them. I don't want to return them as forgeries because I do not have an affidavit signed by the customer. Is there a reason of "account closed at customer's request due to forgery"? Our processor says they can not use this reason.
What happens when a customer is deemed incapacitated? Do we close the account? Do we continue to pay checks until the conservator opens a new account?
Who is the payee on the check? Hanes Company or Mary Smith?
c/o Mary Smith
1234 Abc lane
New York, NY
Can a check that is returned "uncollected funds" and then returned again "NSF" be redeposited?
Is there a timeline for a check to be returned as a forgery or fraudulent? If so what would the reason code be?
Is it legal for a bank to charge a fee when cashing a check at the bank it is drawn from? Can a bank refuse a cash deposit using a pre-printed deposit slip?
What is the origin of the term cash letter?