[Search for users] [Overall Top Noters] [List of all Conferences] [Download this site]

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

685.0. "Stolen vs. Lost check fees" by KYOA::KOCH (It never hurts to ask...) Mon Aug 16 1993 19:06

    I have just had an experience where my outgoing mail was stolen from my
    mailbox. I called to put a stop payment on 1 check since if the others
    were mailed and cashed by the intended recipient, it wouldn't bother me
    too much. I found out that the stop payment fee is applied whether the
    check is lost or stolen. To me, there is a difference. I also found out
    that if the checks are stolen out of sequence, the $15 charge applies
    to each sequential set of check numbers. So, if someone stole checks
    1&2 and 4&5, I'd be hit with a $30 charge.
    
    I can understand a charge for lost checks, this denotes
    irresponsibility on the part of the member. However, to charge the same
    amount of money for stolen checks seems wrong somehow. I would like to
    know what people think. In my suggestion for lower costs for stolen
    checks, I do expect the member to provide a copy of the police report
    to substantiate the lower charge. I think each member should get a
    grace of 2 stolen checks fees per year. After that, a charge of $5 for
    sequential numbers would be imposed. I am changing the procedure which
    resulted in my lost checks, but what can we do about the fees?

T.R	Title	User	Personal Name	Date	Lines
685.1	DCU's charge seems to be in line with other financial institutions in my area	ROWLET::AINSLEY	Less than 150 kts. is TOO slow!	`Tue Aug 17 1993 09:40`	17
	Actually, DCU's fees are lower than my banks fees. My bank charges $15 per check, not sequential run of checks. Before deciding if the fees are too high, I'd like to know what is involved in processing a stop payment request and what the actual cost is. For example, I currently have a stop payment in on a check that was lost by a real estate agent. Whenever I cash a check at the bank, the teller's terminal beeps and the teller compares the check number on the check with the stop payment order. I don't know what happens to checks presented at another financial institution. Does the software in my bank's computer check each check transaction being processed against my account and reject it if the check number matches the stop payment order? I hope so. I know that at my bank a stop payment order is good for 2 years. The cost for the software to check for my lost check is obviously trivial, but what about the cost of the teller who must check each time I cash a check for the next two years? Bob
685.2		VMSVTP::S_WATTUM	OSI Applications Engineering, West	`Tue Aug 17 1993 12:22`	15
	>I don't know what happens to checks presented at another financial institution. I would wager that no one finds out about the stop payment until the transaction hits DCU via the federal reserve network, and DCU (in this example) rejects it. This is why personal checks almost always have a holding time associated with them - it takes some time for the check to hit a clearinghouse and then the net. It usually doesn't take the 5-7 days (or longer) that many institutions insist on, which is I suspect part of the reason that new legislation went into effect limiting the amount of time an institution can have a hold (though it's still long enough for them to get at least 2-3 days worth of float). --Scott
685.3		GSFSYS::MACDONALD		`Tue Aug 17 1993 12:31`	10
	Whether a check is lost or stolen the issue is how much does it cost the DCU to flag that check(s) so that it won't be paid not why it ends up a check that won't be paid. I am sure that it costs the DCU the same whether it was lost or stolen. What I would inquire into, however, was what the actual cost is. The DCU should not be making money on this. Steve
685.4	and that number is ...	XLIB::SCHAFER	Mark Schafer, Development Assistance	`Tue Aug 17 1993 12:49`	13
	WHEN SOMETHING IS STOLEN, CALL! I'm sure that the credit union cares more about you than about their fees! When my checkbook was stolen ( a few years back ) I called the bank and told them immediately. The bank officer and I quickly determined which checks were outstanding and which ones were stolen, and moved most of my money into a new checking account (left enough to cover the outstanding checks). He watched the old account daily until he and I were both satisfied that none of the stolen checks were used, and then we closed the account. My fees? I had to order and pay for new checks. That was fine with me. Mark