Most Popular Operations Content
Suspected Kiting, Returned Deposits, and Holds
08/04/2003
I work at a bank and we are discussing the availability of funds on an account.If a customer has consistent Return Deposits and in addition is check kiting, how long can we place a hold in order to prevent further loss on recent deposits?
Forged Endorsement: Deposit Of Two-Party Checks Into Law Firm Account
08/04/2003
We have a customer who is a personal injury attorney. It is not unusual for him to deposit very large settlement checks into his business account. These checks are made out to his client and himself as their attorney. I believe he is endorsing their name and then his own. On all of the checks, the endorsements look the same. I brought it to the tellers' attention that they are accepting checks that I believe to be possibly forged endorsements. One of them said they think he has POA on his clients. Should we required him to provide us a copy of the POAs before allowing him to deposit the checks?
Good Address Change Procedures
08/04/2003
Our last Deposit Controls audit cited us for not following a good procedure for address changes. Our system produces a report that shows if anyone has accessed a customer's file. Employees are also required to fill out a form any time they make a change to the customer's file. To your knowledge, are we required to have a customer sign a form to show that any of their info was changed? If so, do they sign for address changes only or should they sign for any type of change (address, phone, employment...maybe date of birth or Social) to their Customer Information file?
Evaluating Fraud and PATRIOT Act Solutions -- Experian Fraud Solutions
08/04/2003
How should our organization approach customer authentication?
Federal Reserve Bank as Bank of First Deposit
08/04/2003
I have always been told that a Federal Reserve Bank can not be a bank of first deposit. Is this true? I had a check that needed to be returned, and saw that the bank of first deposit was indeed a FRB, made payable to the IRS. This goes against what I was told, and sit here wondering the correct answer?