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.
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?
Can a recipient of social security benefits endorse their check payable to the order of a third party?
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?
As security officer for my bank, I get to handle the bank's larger check fraud cases in an attempt to recover losses. I was just handed a $25,000 check that was deposited in June (today is July 27). Our bank received it back in yesterday's return item cash letter. The check was stamped "stop payment" and it has a processing endorsement of the paying bank that's dated 06-22-10. When I called the paying bank, I was told that their customer called in a stop payment on the check on July 20 after opening their bank statement and seeing the check. Isn't this a late return, and wasn't the paying bank's customer's stop payment order too late? Should my bank absorb this loss?
If a bank's outside automated teller posts a deposit that includes stolen checks that are not made payable to the account holder's name, and the checks clear, thus laundered through the automated teller, for the benefit of the account holder, and the bank never monitors the checks, who is responsible for restitution of the funds stolen?
Our customer had checks stolen, forged, and cashed at another financial institution. Since the other financial institution made final payment, can I return the checks to them on a "without entry" basis? Is my financial institution under obligation to reimburse its customer for the items that were cashed at the other financial institution?
If our customer wrote a check off of his account to one of his customers, but his customer (payee) did not receive the check and the check cleared my customer's account, what are my options to recover the funds? Should I get the payee to complete an affidavit of forgery? Can this item be returned through the Fed or will I have to deal directly with the bank of first deposit?
We have an organization that had checks stolen. Some of the checks were brought into our bank and cashed at our teller window by the person forging the endorsement. The signers on the account are bringing us an affidavit of forgery. Where does the bank stand on the checks we cashed? I assume we are out and would need to prosecute the forger.
I came across several checks while completing a forensic examination which had a blank or restrictive endorsement followed by a Prior Endorsement Guarantee (PEG) stamp. These checks were part of a forged endorsement of the true payee. They were deposited at the fraud perpetrator's depositary bank. Does the PEG stamp constitute a second endorsement? What liability, if any, exists between the depositary and the true payee for the use of this stamp on items containing forged endorsements?