I own a check cashing business. Our industry is faced with an epidemic of returns for duplicate presentments where a payee will deposit an image of their check (using their phone app), then bring the original to the check casher. The check casher takes custody of the check and gives cash to the payee. The check casher then deposits the check to its own account via remote deposit capture (RDC) - this is standard practice today. Keep in mind, the original check remains in possession of the check casher and does not physically go to the bank. Sometime later, the check casher gets a duplicate presentment return because the image deposited by the payee's phone app was first in time. Now, per Check 21, the check casher's bank is the depository and is a warranty recipient entitled to enforce the warranty against the payee's bank so long as the depository (1) sustains a loss and (2) takes the original. Two part question: If the check casher's bank does not take a loss because the check casher itself covers the return, is the bank still able to enforce the warranty? And since the check casher is using RDC, even though it retains custody of the original check, is the bank able to enforce the warranty?
Our new marketing director believes we have to be on Facebook, Twitter and other social media, and believes having employees writing and making the posts will make us more transparent and friendly to our customers. What risks do we face with all-employee access?
Until the FCC determines how to interpret the statutory language defining an "automatic telephone dialing system" (ATDS), what precautionary measures can my institution take to mitigate the risk of litigation?
What are the main items of information that must be disclosed before a consumer pays for a foreign remittance transfer?
The wife was here to open a new joint account with her husband. He travels all the time and wasn’t able to be here. We opened the joint account and let her take a signature card for him to sign ASAP. Problem?