Latest Operations - FRB Topics

by Roger Snell-Principal, J.D. Carreker and Associates

Counterfeit U.S. Government Checks

Jeff owed Peter $400.



He had owed it to him for over a year, as a matter of fact.

The same wonderful Competitive Equality Banking Act that brought us Expedited Funds Availability and Regulation CC in Title 6 has more for us to pay attention to in Title 10.

"Reg E" from the Federal Reserve Board limits liability for unauthorized withdrawal to $50 if the institution is notified within two days of a lost or stolen card.

Comment is to be to the Federal Reserve Board of Governors by June 4 on the revision on Reg P (Minimum Security Devices and Procedures). EDITOR'S NOTE: This article was originally written in 1990.

COUNTERFEIT: to imitate or copy, especially with the intent to deceive.

The final part of Reg CC is scheduled to go into effect on September 1, 1990.

Those fractions on the top of checks tell us a lot about the check itself.

The United States Government authorizes paper money-currency-of certain amounts.