Is there a procedure that Reg E says we must follow to investigate a claim?
We submitted a breach of warranty claim regarding a forged endorsement on a check for $169,338.01. We submitted an indemnified copy of the check along with the signed and notarized affidavit of forgery. We are located in New Jersey. How long does the depository bank have to respond? They say that they have 90 days.
I'm not a bank officer but I've been told that the bank's Directors & Officer's (D&O) Liability Policy will cover me as the designated Security Officer. Is this true?
According to Reg P, a financial institution is not to give out any account information, including account balances and account status. We regularly get calls from other financial institutions, companies like Comdata, and individuals asking if a check or ACH will clear. Are we allowed to give out that information under Reg. P?
Currently, when we receive a IRS Tax Levy, we look at the Social Security Number or EIN Number on the Levy and the name. We then research this information in our system to see if they have an account(s) and what funds are available to hold on the day the Levy is presented. We base this on the Name and EIN or Social Security Number provided on the Levy. My question is if we perform our search and determine that the primary name and Social Security number on the account does not match the Levy but the person the Levy pertains to is a signer or secondary owner to the account (Joint Account), should we hold those funds? Should this be done even if it's a Business, Minor Account, IOLTA, Escrow etc.? I would think consideration should be given to the relationship the person upon whom the Levy is presented has to the account.
Who pays for Visa's zero liability? Is it the banks/credit unions or is it Visa? Recently, my company (a credit union) took a 45k hit in one month due to Visa's zero liability. We have seen a ton of claims due to PlayStation 3's security issue. I always thought that visa picked up the bill.
We have a customer who filed several Reg E claims. During our investigation we referred the claim to our Security Director who wanted to meet with the customer to discuss the possible identification of a party caught on video. The customer has not returned numerous phone calls and e-mails. Can we refuse the claim for lack of cooperation on the customer's part?
What is the best way to handle members' accounts with claims of lost VCC/PINs, with "mysterious" deposits and withdrawals. The checks are made payable to the customer with the account numbers on the back, but the customer claims to know nothing about it.
I have two forged endorsement claims from another FI. It is within the time frame of three years, and appears that the checks, payable to a husband, wife, and a contractor, have a forged signature of the contractor. I actually spoke to the victim/contractor, and he states that at no point were any of these funds were due to him. He filed this claim because the IRS says he owes taxes on this money earned for a job, that he never did! I want to deny the claim (over $12,000), since this seems more of a civil situation, but the facts don't lie. The contractor's signature is forged. What do I do?
We had a check which cleared an account here at our bank the 17th of July. The customer contacted us on the 21st and said it was a forgery, so we returned it on the 22nd. The bank that cashed it refused it and sent it back to us on August 3rd. We returned it through help from Fed, with the proper documents on August 4th. Now the bank that cashed it called us and said we need to send them a cashier's check or a letter authorizing them to process the check again. Who is responsible for this check, our bank or the one that cashed it?