Reg CC Check Warranties & Indemnifications
Check Warranties & Indemnifications: Who takes the loss? Changes to Reg CC brought us new definitions, warranties, and indemnifications. The payee, the bank of first deposit, and the paying bank make warranties as part of the process of check clearing or return, respectively. This session discusses common scenarios and the applicable warranties or indemnifications that assign liability to the check system participants involved. While similarities between the check scenarios and your credit union's members are completely coincidental, the story-based discussion gives options for solutions that can be applied to your check exception resolution processes today.
Please join our expert Michael Jeffcoat, training specialist at ePayResources, as he guides you through Check Warranties and Indemnifications.
WHAT YOU'LL LEARN
- Difference between Presentment & Transfer Warranties
- Return Check Warranties & handling Late Return Claims
- Forged Endorsement & Alteration Warranties
- Remotely Created Check (RCC) Warranties
- Who makes and who gets each warranty
- New Reg CC RDC Indemnification
- Statute of limitations for Warranties
- Sample Claim Letter for Altered Items
- Questions about the Item
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