02/24/2014
I have checks made payable to SABC which not longer exists. Can I deposit them into the new SHA Athletic Booster?
02/17/2014
In reference to the UCC 4-205, when our customer has written a check to another institution for payoff of a loan and that institution does not endorse or credit stamp the check, can we return the check for missing endorsement? I have read all of the other questions but none of them were dealing with payment of a check made out to another institution.
02/17/2014
Our stamp company's standard endorsement stamp says Pay to the order of XX Bank, For Deposit Only; then the company name. I had heard that checks should only be made payable to the bank when making a payment directly to the bank. Is the stamp company's current format ideal?
02/10/2014
What is the best way to handle checks that are abbreviated to the payee? Example: Rocky Mountain Health Plans with checks written to RMHP.
02/10/2014
What is the time frame to return a check for missing endorsement?
01/13/2014
We have businesses that are check cashers and that only use an account number as their endorsement for multiple checks. Is this acceptable?
06/10/2013
My bank follows a rule that we do not accept checks endorsed For Deposit Only or Pay to the Order of [a third party]. Can you direct me to the guidance on this, please?
06/03/2013
We had a customer contact us regarding stolen checks drawn on his business that appeared on his bank statement. I understand that we did not meet the midnight dead line for returning a forged signature. The checks also had no endorsement by the payee and no bank endorsement either. Fed record indicators show the bank of first deposit for processing as a large bank that clears items for many banks. We are not able to identify the original bank of first deposit. We are wondering what our options are. Does the bank of first deposit share any responsibility due to the missing endorsement?
06/03/2013
I found this good information about forged endorsements on your site; however, I am wondering what the drawee bank liability would be if they don't return a check that has no endorsement at all? As a matter of law, a drawee bank does not have a duty to conduct any review of payee endorsements on checks received from a depository bank. Under the UCC, a check bearing a forged endorsement is not properly payable (Revised UCC . 4-401). If the drawee bank pays a check bearing a forged endorsement, then it is obligated to recredit the drawer account for the item.
06/03/2013
If a depositary bank does not honor an improper endorsement claim, what is our next means of recourse?