Vital Check and Deposit Issues
Every single day the frontline handles routine matters that can cost your financial institution thousands of dollars if there is an error.
For example, your teller may take deposits and fill out deposit slips for customer’s, 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 is 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 customer may lead your institution into liability without anyone’s knowledge until there is a lawsuit. Who on deposit accounts can do what with the checks? The answers you have wanted to know and the reasons why. You will receive the 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 we 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 we have to pay attention to the words “VOID AFTER 90 Days”?
- Can we pay a stale dated item? Can we pay a postdated item?
- Can we 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 we open an account with a check made payable to the bank? Can we 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 many, many more…
Branch Administration, CIP coordinators, branch operations, retail areas of the financial institution that are affected, Bank Secrecy Personnel, Compliance officers and managers.
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 hrs.
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