Remote Deposit Capture Customers and Original Checks

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Question:

How long should a remote deposit capture customer keep the original checks?

Answer:

The financial institution should have the depositor keep the check for the period of time that the financial institution feels is sufficient to retrieve the original check if necessary. Many financial institutions require the depositor to keep the original from 30 to 60 days. Shorter or longer periods may be justified depending upon the customer and the financial institution.

Archive of Risk Management Questions

First published on BankersOnline.com 12/17/08