How long does a customer have to notify their bank of a counterfeit check that has posted to their account?
Are there circumstances that would prohibit an account be restricted opposed to placing a hold on the account? For example, a customer cashes a counterfeit check against their checking account and inevitably the check returns, resulting in overdrawing their account. What is the best method to protect the bank and the customer from any further losses: a hold on their account for the amount of the counterfeit check, or restricting the account? Are there any NACHA regulations, such as return reasons, that prohibit
restricting an account?
We have a customer who has informed us of a fraudulent check that has cleared his account. He let us know in five days, well after the midnight deadline the day after the check cleared but a reasonable time frame and within our account agreement. Is there a different time frame between consumer and commercial accounts?
We have a customer that is a check cashing business. He recently had several counterfeit checks pass through his business marked as Unable to Find. He tried to file a police report, but the police would not do anything without an affidavit of forgery. The customer is asking us for the affidavit, but the checks were not drawn on us. They have tried to contact the customer whose name is listed on the checks to no avail. They appear to be legitimate checks printed by Harland Clarke, they do not look like home-printed checks. What can be done to help this customer get some sort of affidavit to assist him with filing charges?
We have had a large number of card compromises, MasterCard. Transactions conducted as credit/signature transactions. What recourse do we have with the Merchants who accepted these cards to begin with?
Is there a 24 hour deadline to return counterfeit items and Forged Payee? If a bank is requesting remittance of funds due to these reasons, can we still answer with late claim notice?
Is a bank legally required to refund all fees associated with fraudulent checks clearing a "Business Account?" While I believe it may be a good business decision in satisfying the relationship, I do not feel we are legally obligated. Please advise if this is covered anywhere.
An account is two months old. This week the customer deposited two checks that were returned as counterfeit. No loss because on hold. Can we close his account?
What options for receiving a return credit does the bank I work for have if our customer reported a counterfeit check a few days after it posted to their account? The counterfeit check was a large dollar amount payable to an individual and then endorsed to a business. We have submitted a claim with the bank that accepted the deposit but I am worried that we will not get our credit back.
What is the return time frame on conterfeit checks over $100.00?