Accepting items for deposit is just routine – until something goes wrong. When sending deposited items through for payment, your institution is warranting that it gave the funds to the payee. Who is the item really payable to? What about restrictive endorsements? Who can endorse when there are multiple payees? What if no one endorses it, can it still be deposited? The answers to these questions depend on the facts and circumstances of each item and the parties involved, including the depository institution. This webinar will outline the processes to avoid loss, mitigate risk, and examine the rights and liabilities of the parties involved in acceptance, payment, and enforcement of negotiable instruments.
- Institution’s rights and responsibilities when accepting items payable to natural persons, entities, and fiduciaries
- When an item should be rejected due to insufficient or unauthorized endorsement
- Laws that affect payment of negotiable instruments
- Recognizing when an item should not be paid
- When can stop payments be placed and by whom?
- Risks associated with certain types of checks
- How understanding check hold options can minimize risk exposure
- TAKE-AWAY TOOLKIT
- Chart of proper payees and endorsements
- Quick reference guide for stop payment, post-dated, and stale-dated items
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for staff who handle negotiable instruments, including tellers, service representatives, back office personnel responsible for check returns, call center employees, staff handling ATM and night depositories, compliance personnel, auditors, and risk management staff.
SPEAKER: Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.
Involved with financial institutions since 1989, Mary-Lou has over 20 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.