by Sandy Dumont, BOL Guru
Published in INSIDE BUSINESS January 8, 2010
An employee's husband has a business checking account at the bank (LLC). The employee is not an authorized signer on it. It is our policy that checks payable to a business be deposited to the business, and then a separate transaction be made for withdrawals, etc. The employee has been splitting the business deposit (checks payable to the business) between the business account and the their joint personal account. The employee has also been endorsing the checks with the business name. What action should be taken, if any, against the employee?
If an employer brings his employees to the bank, and he endorses the checks after they do, in order to cash them, and we do not have their ID, are we required to get their ID before cashing these for the employer?
Our bank has a "Relay for Life" team and we will be doing several fundraisers to help raise funds for this. One fundraiser includes putting a picture of our three loan officers on separate containers. The one with the most money in it at the end will win the prize of a pie in the face. Customers and non-customers will be able to contribute to the loan officer of their choice. The pie thrower will be an employee of the bank. I just want to make sure we stay in compliance. Are we?
When granting access to a safe deposit box, bank policy requires use of a private coupon room, but many customers want to access their boxes quickly, in the vault itself. Is there an industry best practice, either for or against, granting access to a safe deposit box while inside the vault?
A business customer closed her checking account in March. On 4/29, an ACH debit came in and we did not return it until 5/1. It was then refused by the ODFI as a late return. The customer tells me that she terminated the ACH debits from our bank on 3/12. I have since spoken to the account rep from the payroll servicing company who informed me that the ACH debits were not terminated until May and that the funds were issued to an employee of our business customer in the form of a check. I have informed the customer of this discovery and now she has stopped replying to my e-mails and is not returning my phone calls. Do I have any recourse for recovering these funds?
Our bank has several expense checks outstanding that have not cleared. We have contacted some of the vendors to whom the checks were issued, and they have no record of an outstanding balance or of a missing check. Are we allowed to simply cancel the checks and credit them back to the expense accounts from which they were charged? The checks have no notation stating that they are not official checks. I checked this out last year on a couple of these checks, and I believe the answer was no, since they are official checks of the bank and had been converted. It may have been suggested that we have the payees file claims for the lost checks and then remit the funds back to us as credit on our accounts; however, I can’t find my notes on the subject.
Has there been a change in handling a check when the written and numeric amount differ? During a discussion it was stated there is no longer guidance to determine the correct amount. The employee accepting the check should accept the numeric amount as the correct amount. The rationale is because the checks are read electronically.
We are planning on having a CD product just for employees. We already have checking with interest for employees. This would be a product they can add funds to, and as they do, the tiers would trigger a higher rate. Is this a compliance problem?
We are thinking of conducting some mystery shopping in-house. Are there any compliance issues that we should be concerned with? What about if we compensate the shopper?