06/07/2004
The UCC Section 3-118(g) and Section 4-111 say that "an action...for breach of warranty...must be commenced within three years after the [cause of action] accrues." The brackets indicate that alternate wording "claim for relief" is used in some states. What exactly does "cause of action" or "claim for relief" mean? When does the clock start ticking? Suppose we, as the depository institution, receive a claim for forged endorsement from the payor bank today on a check that we processed three years and six months ago; however, the affidavit of forged endorsement had been signed nine months earlier. Has the statute of limitations run out? What can we do about the payor bank's sitting on the affidavit for nine months?
06/07/2004
Is there a document of any sort or can you tell me a "user-friendly" definition for checking float with respect to balance information on a customer's account? We have employees to whom this information would be very helpful in helping them understand the proper way to explain a balance that has float on it.
06/07/2004
If a customer notifies the bank of a counterfeit item that was included in their statement from two months ago, can the item be returned to the bank that cashed or accepted the deposit of the counterfeit item at this late date?
11/03/2003
We have a large Hispanic population in our banking area and our tellers are getting all sorts of identification documents from them and are not sure which are considered proper ID and what the "legal" documents should actually look like. I've been told that some of the picture IDs look like homemade versions but it's hard to tell. The majority of these folks work for farmers and local manufacturing companies. Could someone direct me to some training information?
10/20/2003
I am looking for a vendor to contact to purchase dye packs for our teller draws. Could somewhat guide me in the right direction.
07/21/2003
I'm looking for signage available to put up in a financial institution's lobby asking people to remove hats, scarves, and sunglasses. The signage compared the sign to a restaurant having a no shirt, no shoes, no service sign. Can you point me toward the signage?
05/05/2003
Do you know of a web site or product that can confirm MICR routing numbers on checks quickly for a teller?
01/06/2003
Can you give me a clear, simple explanation (if there is one) of Rule 9?
12/02/2002
With it almost impossible to meet the midnight rule on forged signatures,and counterfeit checks, can these be charged back to the bank of first deposit under breach of warranty.
11/18/2002
A customer reported a counterfeit check to us several weeks after receiving their statement. We attempt to return it to the bank of first deposit, but they refused payment. Isn't the bank of first deposit liable for the check since it did not "know its customer" and allowed the deposit? The counterfeiter used their own name and identification on a fake lookalike check with a forged maker's signature. We recredited our customer's account but were left with a $ 7,000 loss.
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