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Verifying Checks Over the Phone

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Should banks verify checks over the phone? Does Reg. P or any of the regs address this.

Regulators' Q&As on privacy have clarified that a bank verifying a check is not a violation of privacy regulations. However, it is always a good idea to have some type of process where you can be reasonably sure that it is a legitimate request to verify a check your customer has actually written, as opposed to someone just shopping for an available balance.

First published on 05/02/2005

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