10/04/2015
I am an operations officer at a small community bank and I need some solutions to a couple of questions. Can a bank deposit a check payable to an individual into an LLC or corporate account (the individual is a part of the LLC or corporate account)? An example - John Doe has a check made payable to him and he wants to deposit it into his LLC account (John Doe Trucking, LLC). Also, what documentation does a customer need to provide a bank if the customer has an LLC account with the bank but recently purchased another business and has checks made payable to the newly purchased business that need to be deposited into the LLC account (that is not in the name of the newly purchased business)? An example - my LLC is titled Never Hungry Cafe, LLC. I recently purchased Mary's Cafe and just for simplicity for my customers they still make their checks out to Mary's Cafe but I need to deposit these checks into my Never Hungry LLC. Any guidance would be greatly appreciated.
03/23/2015
Can a bank or credit union put a hold or extended hold on a check that has been second endorsed or when the first endorser cannot be verified?
01/26/2015
I work in a money center within a large retail Supercenter. It is very fast paced and understaffed. I cashed a payroll check for $2200. The customer forgot to indorse the back. Is it still able to be deposited and paid?
01/26/2015
I have a customer who had a check clear in December 2013 and the payee is claiming they did not receive it. I've sent a SOR (source of receipt) through FED to find where the check was negotiated, but what other options do I have in regards to returning the check?
10/06/2014
Six months ago, a check was cashed on a business account. The payee had been fraudulently changed. Check cleared for appropriate amount so it went undetected by business until the intended vendor said they were not paid. Then the payee change was noticed. Can the business owner go back to where the check was transacted and sign an affidavit for fraudulent endorsement since timeline is 3 years? Or is there another appropriate re-course?
10/06/2014
If a check is made out to a husband and wife, the & is used. Can the wife endorse the check and write for deposit only to the named payee(s). The check is being deposited into a joint account, with both husband and wife?
09/29/2014
Six months ago, a check was cashed on a business account. The payee had been fraudulently changed. Check cleared for appropriate amount so it went undetected by business until the intended vendor said they were not paid. Then the payee change was noticed. Can the business owner go back to where the check was transacted and sign an affidavit for fraudulent endorsement since timeline is 3 years? Or is there another appropriate re-course?
09/15/2014
A check payable to 2 individuals - Payable as "and". One person forged the endorsement of the other. How much are we liable to reimburse the person that did not sign, Half of the amount since it was payable as "and"or the full amount of the check?
04/14/2014
Is there a law/regulation regarding checks made payable to a business being deposited into a personal account?
03/24/2014
Using Reg CC would a check being deposited with a missing endorsement, is a Re-deposited Item Hold sufficient?