Checks and Deposits: Vital Issues
Every single day your frontline handles routine matters that can cost your financial institution thousands of dollars if there's an error.
For example, your teller may take deposits and fill out deposit slips for customers, but what will happen if the deposit goes into the wrong account and checks are bounced because of the teller’s action?
What if an authorized signer on a personal account deposits his check into the account and it’s returned? Can a joint owner withdraw funds from an account if he or she never signed the signature card contract?
These operational and day to day dealings with your customers may lead your institution into liability without anyone’s knowledge until there’s a lawsuit. Who on deposit accounts can do what with the checks? Get the answers you’ve wanted to know and the reasons why. Learn 10 Simple Rules to Handle Checks that can save you worry, litigation and money.
- Can one customer deposit into another customer’s account? Can you deposit a personal check into a business account?
- Can you deposit a minor check into his mom’s account? Can you deposit a check made payable to mom into a child’s UTMA account?
- Can an owner of a business cash a check made payable to the business?
- Can a business owner get “less cash” of a deposit?
- Can you put a stop payment on a check made payable to cash?
- How can a business get “petty cash” without making the check payable to cash?
- What is a “third party check”? Can you cash or deposit a third party check?
- Can an authorized signer, agent or convenience signer on a personal account cash his or her own paycheck against the account? Can an authorized signer get a balance? Take all the money?
- Do you have to pay attention to the words “VOID AFTER 90 Days”?
- Can you pay a stale dated item? Can you pay a postdated item?
- Can you deposit a check made payable to a deceased customer into his or her joint account?
- Can checks made payable to “The Family of John Doe” go into John Doe’s account with his spouse?
- Can you open an account with a check made payable to the bank? Can you cash a check made payable to the bank?
- What does “FBO” mean on a check?
- How should a person with a POA document endorse a check?
- Can a check made payable to a person be deposited into the living trust after death?
- And much more…
New accounts representatives, Customer service representatives, Branch managers, Branch administration, Compliance and anyone who works with deposit signature cards.
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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