Are banks required to file an SAR for Counterfeit Checks received, but not transacted, in the amounts over $25,000.00 if we have no information on the suspects?
Do we need to send a SAR when we receive a counterfeit bill even if we turn the bill over to the Secret Service?
I have a question about whether or not we need to file a SAR. Just recently we became aware that the name of our bank has appeared on counterfeit checks originating from a work-from-home scam that some people are responding to. We have been working with the FBI on this case, giving them as much information as we can. The checks don’t look anything like ours and the routing number and account numbers on the checks do not come close to our institution. The people who are receiving these checks are not our customers and the only way we are finding out about these checks is when someone tries to cash the check at one of these check cashing places. The check cashing places know not to call the phony 800 number on the check, but to look up our bank in the phone book and that is when we tell them it’s not our check, but a counterfeit. The little information we have gathered on who is doing this is most likely pseudo information such as their names and addresses and the addresses we do have are in Canada. People are faxing us copies of these checks a few times a week from all over the states. Are we required to file a SAR in this situation?
My customer deposited a check into their account 10/2005. The bank that the check is drawn on recently sent me a letter 4/14/06 stating that the check was a counterfeit. What is my liability or recourse?
If we suspect a counterfeit bill presented for deposit by our customer are we: (1) Required to notify the customer? (2) Required to give the customer provisional credit if we are submitting the bill to the Secret Service?
We had two $900.00 Canadian Postal Money Orders presented for deposit. We did not give the customer credit. We have received documentation from the Canadian Postal Service that these items are counterfeit. Since we had no loss, do we return the money orders to our customer marked as counterfeit so that he can pursue the person that paid him with them or what should we do with them? What authorities should be notified in this situation?
Question: In one of your past issues on the Question and Answer page you addressed the problem of the bank that cashed a counterfeit check.
I had a call today from a reporter for a major U.S. newspaper. He wanted to know if there was nationwide activity on counterfeit official checks.
Subscribers have been calling because of questions from depositors about Internet offers of jobs that consist of negotiating checks.
Our customer deposited 4 US Postal Money Orders on 12/13/04. Today 2/16/05, we received 3 of the Money Orders returned as counterfeit items. What is the Bank's responsibility for these items? Can we return them late for reclamation, as they were returned after the midnight deadline? Does our customer have any recourse?