We seem to be having an issue with forged endorsement affidavits. When attempting to send a request to the bank of first deposit, the bank will deny the claim if the affidavit is over 30 days old. The one bank who does it most often has told us that is the law but can't provide any documentation to support. Are forgery affidavits expired after 30 days or is this the individual bank's discretion?
I have a customer that is related to three businesses. He comes in and cashes checks on each business which aggregates to over $10,000.01. Do I complete the CTR on the business or on him? He is conducting the transaction on behalf of each business. (check cashing businesses).
Is it required to file a CTR on companies payroll accounts where there is numerous checks being cashed? It has been my experience that we never had to do this in the past, even though these companies were not on our exempt list.
Can a recipient of social security benefits endorse their check payable to the order of a third party?
When a customer dies who is receiving a social security check in the middle of the month, how do you determine if the deposit needs to be returned?
How long is the statute of limitations for collecting on passed bad checks that we've gotten stuck holding onto? (I'm thinking of sending to a collection agency; they don't charge unless they collect on check). ALSO, what about an unsecured personal loan? How long would we have on that? Six years? Six years from the date of the last payment? We've just charged it off and would like to send it over to the same collection agency. (Probably all are less than $3000.00).
Is there any regulation or guidance on whether a bank is required or able to cash a U.S. Treasury check for a non-customer. We have people that are personally known to us want to cash their Treasury checks upon occasion, even though they are not established customers of the bank.
I have a long time domestic customer who ships to St. Croix (US Virgin Islands). The customers on the Island pay the owner of the company directly to a personal account he maintains at a bank on the Island. Once the funds clear, the owner writes a check from his personal account from the bank he maintains on the island to his domestic company's commercial account he maintains with us. My question is the bank in St Croix is saying that he can no longer accept checks from his customers and transfer the funds from his personal account on the Island to his commercial account here. The Island bank says that there is a law from the 1800's that does not allow this. Can you please explain to me what the risks are with this type of transaction?
Is there a requirement to run an OFAC check on a DBA? For example, John Doe DBA ABC Store. Do I need to run an OFAC on John Doe and ABC Store, or simply John Doe?
Two employees of a business came into the bank to cash their bonus checks. The transactions were treated as separate transactions. Both checks were drawn on the same business account and the total of both checks cashed was over $10,000. Should we file a CTR?