05/27/2013
We received an IRS Levy last week, and our customer had $800 available at the time the levy was received. We placed a hold on the funds. Two days later we received notice that a $3,000 check he deposited was being returned for NSF. This meant true account balance available would have been ($2,200) at the time of levy. When we received the $3,000 check back, we debited his account, and he was negative. He has since deposited cash and has $100 available (including the $800 hold for levy). Checks are now presenting that we could pay if the $800 hold was not there. What am I obligated to pay the IRS now?
04/01/2013
If a UCC-1 is filed/recorded with the county, does it expire in five years like a UCC filed with the state does? If so, is the best practice to record a continuation with the county prior to the expiration date of the UCC?
01/28/2013
Our customer wrote two checks to the same payee, one was dated 2/10/12 the second was dated 4/10/12. Towards the end of July, the payee notified our customer that he did not receive the checks. He signed an Affidavit of Forged Endorsement and we returned the check as fraudulent along with the affidavit. The depositing back disputed the item as a late return. Is there anything we can do now? Can we possibly claim breach of warranty?
11/12/2012
We deposited an item for a member on 06/14/12. The item has been returned to us today (07/10/12) as "refer to maker" "altered item." I believe we can refuse the return due to the 24 hour return deadline being missed, is this correct?
10/22/2012
We have customers who are wanting to put stop payments on ACH withdrawals that pay back their pay day loan. The reason they give is "too early", "different amount" or "multiple withdrawals". Are these valid reasons to do a stop payment? Where could I find information addressing valid reasons for stop payments?
10/15/2012
I was contacted by my customer "Charlie Customer" and he asked to have two stop payments placed against two personal checks each for $5,000.00. The following day a now previous employee cashed these two checks for Frank Fraud, the payee. These two checks were supposed to be earnest money for a upcoming home sale that fell through due to Frank Fraud and no contract was signed since they operated under a gentleman's agreement so Charlie Customer did not receive any services or products for these two checks. We made contact with Frank Fraud who of course refused to bring the funds back to the bank. Question: Does the bank have any legal recourse to recover these funds? It seems the only person that would be able to file a suit would be Charlie Customer; however, since he placed the stop payment, the funds came from the bank instead of Charlie Customer's account and he now has no motivation to file suit since he isn't out any money. We referred to the UCC code for our state however; like most states it covers the customer's damages and doesn't seem to give any guidance to the financial institution.
08/06/2012
A customer wants to pledge Certificates of Deposits from other banks as collateral for a loan at our bank. Where do I find forms and what are disclosures? $100,000 10years monthly payments set up like a mortgage payment.
06/11/2012
If a check is made out to a trustee and the trust but the word and is not there, is this treated as an "or" situation allowing the trustee to cash the check or must the check go through an account in the name of the trust?
05/07/2012
How long does a bank have to return a check for improper endorsement?
04/23/2012
What is the time frame that a customer has to return a counterfeit or forged check back to the bank once it is discovered on their account?