My understanding is that the USA PATRIOT Act forbids the negotiation of government checks by anyone other than the payee or payees. Do you know where I can find this in print as I have an irate customer that wants me to "prove it" when I told him I was unable to accept a government check made payable to someone else because of the second endorsement required.
A customer of ours has had an account with our bank for over 50 years; this customer and spouse are both in their 70s and they refuse to have direct deposit for their social security checks. The 3rd of every month, they come in and cash their checks. Are we REQUIRED to give them their full amount (about $2,300) even though they have a $100 balance in their account? That is our requirement to maintain a savings account. They are great customers, but refuse to open a checking account or deposit any of the monthly social security checks. We think they must be stuffing their mattresses! HELP!
Currently my bank will cash a government check...both federal or state, for non-customers. We have lost a considerable amount of money by providing this service. My questions: (1) Is there a requirement that we cash government checks for non-customers? (2) When a customer opens an account for the purpose of having an account in which to deposit a government check, can we require that the check be set up on direct deposit? Customers will open an account, deposit the check, cash the check and then close the account. If the deposit was made directly from the government we would waste far less time and money opening accounts for one day.
Our practice is to charge a small fee to cash checks from non-customers. Is it permissible to do so for "Government checks", for example, Social Security checks? Specifically, is a check from welfare considered a "government check" and can a fee be charged for cashing it?
American Brokerage Consultants in Florida say according to their survey in 1992, 48% of banks that have $250 to $500 million in assets offer mutual funds: 41% do of institutions ranging from $100 t
The Basic Banking Bill in the House of Representatives (HR6) requires financial institutions to maintain low or no cost accounts for certain individuals.
According to Bank Administration Institute, training experts say that role-playing is one of the most effective and popular methods of training bank employees.
Question: In the article about the bad government checks, you made mention of the fact that the counterfeit green checks did not have a symbol in the right hand top corner.