Answer:
Some alternatives include:
- Change your availability rules and disclosures for new accounts under Reg. CC
- Train employees to see this pattern and encourage them to verify such checks before accepting them for deposit
- Train employees to see this pattern and refuse to accept these checks for deposit (make them go to collection)
- If not already doing so, verify your new customers using a negative file search like ChexSystems and/or pulling a credit bureau report
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First published on BankersOnline.com 1/6/03