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Conference 7.286::dcu

Title:DCU
Notice:1996 BoD Election results in 1004
Moderator:CPEEDY::BRADLEY
Created:Sat Feb 07 1987
Last Modified:Fri Jun 06 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1041
Total number of notes:18759

250.0. "Cashing state & federal checks..." by DECSIM::GILLETT (And you may ask yourself, 'How do I work this?') Wed Jul 10 1991 15:06


	Ok,  here one I just don't understand (of course, there's a lot I
	don't understand about DCU lately, but this one is strange):

	I went to DCU this morning with 2 checks.  One was  drawn  on  an
	out of state bank, by a Michigan company.  The other check was my
	Mass Income Tax Refund check.  My  intention  was  to  cash  both
	checks  at  the window.  Both checks were for small amounts (less
	that $100 each).

	DCU cashed the Michigan  check  no  questions  asked.   But  they
	insisted  that  I  deposit  the  income tax refund check and then
	withdraw the cash.  When I asked why this was required, they said
	"it's  a  new  policy  that  all state and federal checks must be
	deposited first."  They went on  to  say  something  about  there
	being  a requirement that all transactions of this nature must be
	recorded.  

	This isn't really a complaint.  I don't mind  having  to  deposit
	the  check  and then withdraw the cash.  It just seems to me that
	going through this procedure adds time and cost to  handling  the
	transaction.

	Why  does  DCU  require  special  handling  of  state and federal
	checks?
T.RTitleUserPersonal
Name		DateLines
250.1Possible Gov't regulation?AMAMA::PETERMThu Jul 11 1991 09:5618
    I don't have one handy, of course, but I seem to remember that my Mass
    Refund check had something on the back that said:
    a) ALL names on the front of the check must also endorse the check
    	and present ID when depositing in the bank
    and
    b) (this I am less sure of than a. ) The check was for deposit only, or
    some such.  There was a short (2 sentence) paragraph on the back in
    _very_ small type.
    
    	I suspect that what we are seeing is some sort of new state/and or
    Fed regulation that hasn't been explained properly to the tellers in
    the bank (i.e the tellers have simply been told that this is the way to
    do it now).
    
    	(Warning:  the above statement was made based on a 3 month old
    memory and comes out of brain cells that are out of warantee).
    
    - Peter
250.2DCU User's Guide???GUFFAW::GRANSEWICZIt's on my listThu Jul 11 1991 10:4116
    
    Checking cashing at DCU seems to be more of an art than science. 
    
    "Policies" should be posted or sent to all members so they will know
    what they can and can't do, when they can get access to their money,
    how checks must be endorsed, etc..  It seems to be getting to a point where
    you just don't know what will happen when you walk into the DCU with a
    check.  This may be happening at other institutions also, I can't
    really say.  How about it DCU?  I've got the title of the you, 
    "DCU Share Draft Guide".
    
    Nobody likes having new "policies" sprung on them at the window either.  
    How about a little notice in our monthly statements before these new 
    "policies" come into effect?  It all sounds so simple.  It'll never
    work.
250.3ULTRA::KINDELBill Kindel @ LTN1Thu Jul 11 1991 12:0621
    Re .1
>                       -< Possible Gov't regulation? >-
>
>   I don't have one handy, of course, but I seem to remember that my Mass
>   Refund check had something on the back that said:
>   a) ALL names on the front of the check must also endorse the check
>   	and present ID when depositing in the bank
>   and
>   b) (this I am less sure of than a. ) The check was for deposit only, or
>   some such.  There was a short (2 sentence) paragraph on the back in
>   _very_ small type.
    
    My brain cells are also out of warranty, but I don't think the notice
    on the MA refund checks go quite that far.  I remember something about
    the check having to be negotiated within 90 days of issue and a warning
    to banks to make sure they know who they're cashing it for (i.e. the
    state won't issue a new check to replace one that's cashed improperly).
    
    I have no doubt that the tiny minds at DCU would take the latter
    caution as a mandate for them to require positive ID, even when
    depositing to the payee's account.