Advanced Endorsements: POAs, Businesses, Trusts & More
What do you need to know when handling checks payable to a business, trust, or other fiduciary account? What if someone is attempting to negotiate a check using a power-of-attorney? These and other advanced endorsement issues will be addressed during this webinar.
There are specific precautions that financial institutions should take when handling checks that are not payable to individuals. This includes ensuring checks are endorsed properly and clearly indicate the representative capacity in which the person is signing. Otherwise, the credit union could be liable if it allows someone to negotiate an item and obtain funds to which they are not entitled. Join us to learn more about advanced endorsement issues.
Recorded Wednesday, January 21, 2015
- Can a check be deposited to a personal account if it is made payable to a corporation, LLC, or partnership?
- How should checks be handled if the member has a sole proprietorship?
- If a check is made payable to the principal, is there a special endorsement for using a POA?
- When a check is payable to a trust or estate, can you accept it if there is no estate or trust account?
- On which items should you require an actual endorsement by the payee?
- If the fiduciary refuses to endorse the check as we specify, is the credit union required to deposit the item?
- TAKE-AWAY TOOLKIT
- List of proper endorsements
- Checklist of authority to negotiate checks
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will benefit frontline staff, tellers, teller supervisors, compliance officers, and anyone who handles checks being cashed or deposited.
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