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is the bank liable

fishlessmanfishlessman Posts: 23,020
edited 11:21PM in Off Topic
for depositing a check written to one party into another partys account if its not endorsed just written for depost only on back

Comments

  • JayeffelJayeffel Posts: 13
    not sure, but I would think they would correct it without hesitation once they had all pertinent info. But then , I'm not a bank.
  • RRPRRP Posts: 22,058
    The name of the payee will determine who is the proper owner of the funds UNLESS the payee has endorsed the check over thus making it a negotiable 3rd party instrument. The mere stamp of deposit only would not constitute a proper endorsement so yes the bank is liable for their error. I'm not a lawyer but a former banker for nearly 30 years.
    L, M, S, &  Mini
    And oh yes...also a 17" BlackStone gas fired griddle! 
    Ron
    Dunlap, IL
    Re- gasketing AMERICA one yard at a time!
  • fishlessmanfishlessman Posts: 23,020
    good to know, got my police report in today and one party photo id'd at the station, darn crooks, not happy with the bank either
  • RRPRRP Posts: 22,058
    typically all banks are skittish of 3rd party checks and if the amount is large they may handle it in a way called "sent for collection". That means the check is handled by humans and no money passes hands until the bank on which the draft is drawn sends the money to the sending bank for further credit. Glad you have the police involved - that will make your case that much stronger, but really the bank is at fault and they already know it!
    L, M, S, &  Mini
    And oh yes...also a 17" BlackStone gas fired griddle! 
    Ron
    Dunlap, IL
    Re- gasketing AMERICA one yard at a time!
  • fishlessmanfishlessman Posts: 23,020
    i just want to see the guy thats the crook see some jail time and i dont want to be paying twice, ill push it on both ends.
  • Spring ChickenSpring Chicken Posts: 10,247
    As a former banker you may appreciate this story.

    Spring Hen was rectifying our bank savings account statement last month and noticed a wire transfer charge for $15 and then a deposit for $4,041.00 approximately a month earlier.

    The wire transfer details were somewhat unclear to us, more like banking lingo, but we could tell that it came from Italy.

    We knew it was not our money and that eventually someone would notice the error and reverse the transaction, even though it had been over a month.

    So I went to the bank and showed it to a bank officer who promptly called the Wire Transfer department somewhere far away. They told her that nothing appeared to be amiss but they would investigate it.

    A full week later I got a call from them asking why I thought it was an incorrect charge (apparently they thought I was complaining about the $15 wire transfer charge). So I explained once again that it wasn't our money to begin with. "Oh!" They said they would call back.

    A couple of days later they called to say the $4,041.00 was incorrectly deposited to our account and had been correctly deposited to the proper account.

    So I asked about the $15 wire transfer charge. That's when I discovered that it's harder to credit an incorrect service charge than it is to correct an incorrect deposit. But they took care of it and thanked me for reporting the error.

    I suppose I could have just closed the account, took the ill-gotten money and run and made it even more difficult for them to recover but that's not my style. Wasn't my money to begin with.

    Considering the economy and my dropping portfolio maybe I should have kept it and hid out in the hills until the coast was clear LOL...

    Spring "Professional Non-Criminal" Chicken
    Spring Texas USA
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