Under the law, as understood here, the presentation by any bank of an item for payment by the bank on which it is drawn involves an implied representation that it has the right to collect the amount, and if any of the prior endorsements should prove to be forged or unauthorized, so that as a matter of fact it had not the right to receive the amount, it would be bound to pay it back.
The recent judgment in London and River Platte Bank v. Bank of Liverpool, is, however, very disturbing, and, if not reversed on appeal, will entirely change what is supposed to be the position of the law on this point. Smith," for the reason that the endorsement is irregular. It follows that if the bank is willing to cash the cheque, it has a right to ask whatever guarantee it thinks proper.
Stamped Endorsements. We reserve the right, at our sole and absolute discretion, to reject any image for remote deposit into your account. We will notify you of rejected images. Original checks. After you receive confirmation that we have received an image, you must securely store the original check for 14 business days and make the original check accessible to us at our request.
Upon our request from time to time, you will deliver to us within 5 business days , at your expense, the requested original check in your possession. If not provided in a timely manner, such amount will be reversed from your account. After destruction of an original check, the image will be the sole evidence of the original check. You agree that you will never re-present the original check.
You understand that you are responsible if anyone is asked to make a payment based on an original check that has already been paid. Returned Deposits. Any credit to your account for checks deposited using Mobile Check Deposit is provisional. If original checks deposited through Mobile Check Deposit are dishonored, rejected or otherwise returned unpaid by the drawee bank, or are rejected or returned by a clearing agent or collecting bank, for any reason, including, but not limited to, issues relating to the quality of the image, you agree that an original check will not be returned to you, but that we may charge back the amount of the original check and provide you with an image of the original check, a paper reproduction of the original check or a substitute check.
You will reimburse us for all loss, cost, damage or expense caused by or relating to the processing of the returned item. Without our approval, you shall not attempt to deposit or otherwise negotiate an original check if it has been charged back to you. We may debit any of your accounts to obtain payment for any item that has been rejected or returned, for any adjustment related to such item or for any warranty claim related to such item, whether or not the rejection, return, adjustment or warranty claim was made timely.
The merchant cannot obtain the reason for return from the maker's bank, only the maker can get this information. A new item is required. Not Authorized - Payment Unauthorized, Not Authorized, and UA and "Counterfeit" stamps are typically a result of the account holder disputing the item during the paymentpresentment process, or if a particular block is noted on theaccount such as "nodrafts" or "no debits" and such an item is presented.
Items marked Not Authorized or Unauthorized cannot be re-deposited. Some checks are valid only if cashed or deposited within 7 days, 30 days, 90 days or days. Checks with this time limit will be returned for Stale Dated or Expired Check and cannot be re-deposited.
Checks that are returned and stamped Post Dated can be redeposited on or after, but not before the date in the date blank at the top right of the check.
Also check by the endorsement for wording such as "check not valid until. Endorsement Missing - Endorsement - If a check or check draft is returned due to endorsement missing, this is because the depositor, not the account holder that issued the check, did not endorse the item. An endorsement is a signature or stamp that goes on the back of the check.
At minimum, banks require a single signature in the endorsement blank on the reverse of the check. Other endorsements include, "For Deposit Only", and "Without Recourse", and "Pay to the order of" if making a third part endorsement. You can redeposit a check with Endorsement Missing stamped on it by adding an endorsement and re-depositing the item. Endorsement Irregular - Irregular Endorsement - Checks can be returned for irregular endorsement when there is a problem with the endorsement such as a signature mis-match, account number problem or if the endorsement cannot be read.
Our mobile app is available on iOS or Android and is free to download and try at any time. Andreana always looks for ways to make life better through good food, exercise and creative flow - that rarely stops! A corporate writer by trade, Andreana also enjoys teaching workshops, making art, blogging, and sharing good food with friends and family. You can find Andreana soaking up the sun at the park with her mini schnauzer Murdock in her free time when she's not writing, cooking, creating or watching scary movies.
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