07/01/2005
Question: We had a joint account - mother and son - into which the mother's social security checks were either deposited every month into the account, or cashed by her son, who was
05/02/2005
Two weeks ago we received notice of a without entry breach of warranty from the drawee bank on a $16,510 check. The maker has sent an affidavit of fraudulent activity with an altered payee claim. The check cleared the account almost three months ago. Our depositor was not aware of this alteration and received the check by a mail lottery scam with their name in the payee line. We, the depositing institution, acted in good faith and accepted the check for deposit. Our depositor waited for the check to clear and withdrew the funds. We are now being ordered to pay the full amount of $16,510 back to the drawee bank. I have gone through all the UCC sections for presentment warranties, imposters, ficticious payees and negligence contributing to forged signature or alteration of instument. Are we held liable for this item? And did the drawee bank meet the timeframe to return the item?
05/01/2005
(Note from Editor: When Check 21 becomes fully operative on October 28, 2004, the major part of the actual processing, clearing and posting of checks will not touch the branch office at all.
10/25/2004
Some consumers believe that the images of checks are not as good as the checks themselves. What are the rules on this for proof of payment or prosecution of forgery?
10/18/2004
Is there a time limit on a fraud claim from one bank against another bank? How do I dispute this and what regulation(s) apply?
10/10/2004
- Americans write, and US financial institutions process, about 48 billion checks per year - 216 million each business day.American Bankers Association
07/01/2004
- Customers who use online banking show 80% lower attrition from the bank, make 30% fewer calls to the customer service line, and have higher overall account and loan balances.
06/21/2004
We had a customer submit a claim for $3,500 in forged checks. The drive-up tellers saw our customer in a car with the forger on many occasions during the time these were presented. The forger also lived with our customer for a period of time. The checks claimed are not sequential so he may have been taking a check here and a check there, if they were actually stolen. Our customer is in jail now for an unrelated matter. The forger stole his car and was arrested in another state. Would this apparent relationship provide reasons to deny any claims of the forgery?
02/16/2004
Recently, I called another bank to see if a check that my customer had would clear on the account drawn at their bank. They told me that due to privacy laws they could not give me that information. All I needed was to give them the amount of the check and for them to say yes or no on whether or not it would clear. Does the new privacy law really prevent from a bank from being able to call to see if a check will clear?
02/01/2004
Your depositor comes in with a $6,000 Cashier's check drawn on an out-of-state bank. The check is payable to him.