This article was written by Attorney Mary Beth Guard, Editor of Bankers ( Guard was formerly general counsel for the Oklahom Banking Department, general counsel and EVP for the Oklahoma Bankers Association, and EVP of Specialized Services for Thomson Financial Publishing.
She teaches and speaks all over the country on banking law matters.
This Agreement covers any type of deposit account (as defined below) you may have with us now, or in the future, that is used primarily for personal, family or household purposes.
By opening your account, by conducting any transaction involving your account, or by maintaining your account after receipt of this Agreement, you agree to the terms in this Agreement.
: This page provides information on checks, including issues that consumers have raised with the Department of Banking in the past.
We've summarized certain key legal points within the text for your benefit.
These summaries do not, however, represent a complete statement of the law.
The statutes governing the negotiability, deposit and collection of checks, including signature and endorsement requirements and provisions concerning forged checks, are found in Articles 3 and 4 of Title 42a of the General Statutes, the Uniform Commercial Code ("UCC").
However, once a claim has been made, you need to find a way to flag that check so that if it comes in you kick it out and investigate before your midnight deadline.
It is unlawful for any person to use a debit card to obtain money, goods, services, or anything else of value knowing at the time of such use that he or she does not have sufficient funds on deposit with which to pay for the same or that the value thereof exceeds the amount of credit which is available to him or her through an overdraft financing agreement or prearranged line of credit which is accessible by the use of the card. A violation of the provisions of this subsection, if the check, draft, other written order, or debit card order is in the amount of 0, or its equivalent, or more, constitutes a felony of the third degree, punishable as provided in s. In any prosecution under this section, the introduction in evidence of any unpaid and dishonored check, draft, or other written order having the drawee’s refusal to pay stamped or written thereon or attached thereto, with the reason therefor as aforesaid, is prima facie evidence of the making or uttering of such check, draft, or other written order, of the due presentation to the drawee for payment and the dishonor thereof, and that the same was properly dishonored for the reasons written, stamped, or attached by the drawee on such dishonored check, draft, or other written order.
A violation of the provisions of this subsection, if the check, draft, other written order, or debit card order is for an amount less than 0 or its equivalent, constitutes a misdemeanor of the first degree, punishable as provided in s. As against the maker or drawer thereof, the withdrawing from deposit with the drawee named in the check, draft, or other written order of the funds on deposit with such drawee necessary to ensure payment of such check, draft, or other written order upon presentation within a reasonable time after negotiation or the drawing, making, uttering, or delivering of a check, draft, or written order, payment of which is refused by the drawee, is prima facie evidence of knowledge of insufficient funds in or credit with such drawee.
The claim becomes effective the later of 90 days after the cashier's check or teller's check is issued or the certified check is accepted OR the date the claim is made.
Again, we need to stress that it is whichever is LATER.