Question: We have two customers of our Bank who are victims of "Identity Theft". This was not discovered until they received their bank statement.
What are the rules concerning Medallion Signature Guarantees? Are they "know your customer"?
We are facing a potential loss because of a bookkeeper stealing checks from their employer and forging our customer's signature. Our customer's attorney alleges that we were at fault for not spotting the signature variations on checks over $2,500 (the bank's policy) that were reviewed by us. The alleged fraud dates back to March 2000. My question is: Is there a standard threshold amount that most banks use when reviewing incoming/inclearing on-us checks? Is $2500 a reasonable threshold? What process is used to determine that a signature is irregular? Is the customer contacted? Does the branch get involved?
After reading the question on forgery returns answered by Mary Beth Guard, it appears that this deals with forged maker's signature. Is this the same with counterfeit checks? I assume the liability on counterfeits also resides onthe drawer bank. However, in the case of forged endorsements, which are also being sent as without entry items (collections), it seems a little more complicated. Could you expand some to address these other issues?
I have a customer who comes and in wants to open a deposit account, but he has a criminal record for bogus checks or forgery. Do I have to open the account or can I deny them?
Recently on this site was posted percentages on scams now being seen. Check forgery was the highest percentage. I cannot find this site again and I want to include this information in our quarterly compliance meeting. Can you either forward this site to me or e-mail me back as to where to find it?
NCR says the pilot program using an ATM that "counts cash" is a rousing success.
Question: We had a lady come in about six months ago and tell us she had gotten her statement and some checks had been stolen from her car that she didn't know about, and her signature was
"Thanks!" to Chuck Lelinski, Security Officer of the First Financial Bank in Milwaukee, Wisconsin, for sending us a front page story from the Milwaukee Journal Sentinal newspaper.