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Reg J Mobile Banking App Deposit Loss

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Question: 
Reg J question. Here is the situation: If a customer uses their mobile banking app and deposits a check into an account at another bank and then takes the same item into the bank that it is drawn on, who ends up with the loss? We had a situation where the check was cashed at our bank but the same item was presented in the in-clearings the same day. Please advise on how this type of situation should be handled. We will see this more and more with the banks using these mobile apps.
Answer: 

Assuming that the Fed handled one of the items, you can submit a "PAID" adjustment claim with the Fed to obtain a refund. It can be used on an electronic payment (image) or paper payment.

If you received the items from a clearing house other than the Fed the clearing house may also have a warranty provision that will allow you to push the loss to the other bank.

First published on BankersOnline.com 5/6/13.

First published on 05/06/2013

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