Here’s a shocking secret: Many of the check-related losses suffered by financial institutions are not due to decisions made by a teller, but are instead traceable to directives from management or a loan officer. Problems also arise when someone in the bank who hasn’t had a recent refresher on the law of checks makes a legally unsupportable statement or decision. The law on checks should be well understood by every banker so that statements made to customers and actions taken are appropriate. In this fast-paced program, Mary Beth Guard lays out the complex rights, responsibilities, and proper courses of action for all parties to check transactions.
In this program, we will cover -
- Why you never want to stop payment on a cashier’s check
- 5 dangerous deposit moves
- The minimum requirements of a check
- How to determine the amount for which a check is properly payable
- Who needs to endorse various types of checks and how they should do it
- Tips for spotting alterations and counterfeits
- When a change to a check is not an alteration
- What the different forms of endorsement are (blank, special, restrictive, anomalous), what they mean, and which should be used when
- How to identify the proper payee of a check
- How to tell if a check with multiple payees is payable jointly, or payable alternativel
- The real scoop on old checks and how to talk to customers about them
- What customers don’t understand about stop payments
- How a postdated check should be handled
- How stop payments work
- What the options are when something happens to a cashier’s check or teller’s check
- Why special precautions should be taken when cashing checks for noncustomer payees
- Deposits to closed accounts - No,No,No
- Who is a "fiduciary," when you would be on notice of a breach of fiduciary duty, and why it matters.
- What to watch out for in a split deposit transaction
- Things to watch out for with powers of attorney, including special rules for U.S. Treasury checks
- Special handling suggestions for official bank checks
- When it's appropriate for checks to be payable to your institution, and when it's not
- Whether it's ever a good idea to cash checks payable to businesses
- The challenges involved in accepting third-party checks
- How to identify foreign checks and what to do about them
Who Should Attend:
This training is appropriate for all bank employees. It is a great refresher for tellers and teller supervisors, but particularly designed for other employees of the institution.
Important Check Issues
Questions and Answers
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