07/04/2011
Our financial institution issues the VISA check card to our customers. We have had fraud issues that VISA denies us charge back rights on. They are protecting the merchants and the ones committing fraud but what about the cardholders and card issuers? Shouldn't VISA reimburse us for this loss? How can a FI get restitution for the money they lose when protecting their customers against fraud?
06/20/2011
A check is placed on a case by case hold. The hold is released and the customer withdraws the funds. The next day, the bank receives the check back as counterfeit. The customer feels that the hold gave sufficient time for the bank to know of any problem before releasing funds. Should the customer have to repay the funds used?
05/02/2011
What are the guidelines for counterfeit check returns? Checks were made up in different names and with our routing and a customer's account number. The discovery was made when customer received his statement- can the items still be returned to the accepting bank and customer.
04/18/2011
Can a counterfeit check be returned after four months because the customer did not catch the items right away?
01/17/2011
How long do I have to return a counterfeit money order before it is considered a late return?
09/27/2010
Our bank customer had two counterfeit checks drawn on his account (7-12 and 7-14). He notified us of this on 7-27, so we immediately returned the checks. Now both BOFDs have filed a Late Return Claim and Fed has debited us for both checks. The Fed told us to deal with the banks directly. What is our best recourse to do this, as I don't believe the depositors have enough money for charge backs. Can we recover part of the money?
05/24/2010
I thought that Reg CC required banks to provide a phone number or other means to verify a cashier's check issued from their institution. How can some of the larger banks refuse to verify their cashier's checks, especially since there are so many fraud schemes using counterfeit cashier's checks?
05/24/2010
We have always taken the position that we do not make copies of US Treasury checks for customers. Are there rules or regulations governing this, so that we can back our position?
08/03/2009
We recently returned two checks that were presented on April 3 and 6. We were notified on the April 13 that they were counterfeit and forged, and returned items on the April 14. We just got them back as late returns. Do we have any recourse? We thought we had thirty days from notification.
04/14/2008
Can we still place an exception hold based on reasonable doubt of collectibility if we have called and verified the funds and the bank states that the funds are available today? If so, what exception rule would you apply?