Bank deposited funds (+$2,500.00) into wrong customer's account. Account holder spent funds and refuses to reimburse the bank. What steps can the bank take? The bank has already deposited funds into the correct account, but, what is bank's regulatory liability in this issue?
We have several outstanding Cashier’s checks from 2010. We have contacted the customers that purchased them and they stated that they no longer have the checks. They were forwarded to the companies that they were made payable to. What is the ‘right’ way to take care of these stale items? I didn’t think that our customer would need to make/sign the Statement Under the Penalties of Perjury for lost or stolen cashier’s checks and get the money back because they did get the check when they purchased it and then forwarded it on. What are you thoughts?
We capture our checks at our branch and they are submitted in a cash letter to our correspondent bank. Our correspondent bank has pass-thru relationships with other banks for clearing. We have an instance of a check that was deposited in March 2011 and is now being charged back to our account 5 months later because the other bank passed it back to them as a non-conforming image. Our correspondent refused to send it back to them as a late item and has told us to deal directly with the paying bank. Is there anything written on the time frames? Can I go back to my correspondent and have them file a late return claim or is there any other recourse? The check is for $2,000 and if I get attorneys involved it will cost me more than the checks worth.
Would a cashier's check from 1972 still be good to cash in?
We have two DBA customers. The one brings in checks made out to the business and wants them cashed. The other wants to deposit their DBA checks into their personal account. Should we be doing these transactions?
Currently, when we receive a IRS Tax Levy, we look at the Social Security Number or EIN Number on the Levy and the name. We then research this information in our system to see if they have an account(s) and what funds are available to hold on the day the Levy is presented. We base this on the Name and EIN or Social Security Number provided on the Levy. My question is if we perform our search and determine that the primary name and Social Security number on the account does not match the Levy but the person the Levy pertains to is a signer or secondary owner to the account (Joint Account), should we hold those funds? Should this be done even if it's a Business, Minor Account, IOLTA, Escrow etc.? I would think consideration should be given to the relationship the person upon whom the Levy is presented has to the account.
A customer purchases a bank money order and the money order is lost. Are the funds guaranteed or can the bank refuse to replace the money order?
Can a check payable to David Jones (Trustee for Emily Jones trust dtd 9/1/91) be deposited into a personal checking account for David Jones?
What are the rules governing the use of a corporate business checking account for overdraft protection for a personal checking and vice verse?
Do you have a recommendation on who within the bank should be responsible for establishing/writing procedures pertaining to the new requirements for processing Garnishments?