topic Re: Inconvenienced by NFCU! Is this standard policy? in General Credit Topics

Inconvenienced by NFCU! Is this standard policy?

XxRaVeNxX — Tue, 20 Nov 2012 16:58:03 GMT

Before I go the twitter/facebook route(IMO quickest way to clean up customer service issues), I need to know if this is standard protocol.

Found a motorcycle through private party, NFCU financed the bike. Yet they made the cashier's check($3000) out to me and him.

I sign it and turn it over to him, yet the guys own bank(US Bank and a few that isn't a member of) will not cash it unless I am in the same branch also. This guy lives three hours away.

Why would NFCU do this? It isn't made out to me OR him...made out to him and I...now I have to drive 3 hours round trip today(he's meeting halfway) to get this cashed.

Let me know if this standard for NFCU to issues cashier checks in this manner....

Re: Inconvenienced by NFCU! Is this standard policy?

webhopper — Tue, 20 Nov 2012 17:10:21 GMT

XxRaVeNxX wrote:
Before I go the twitter/facebook route(IMO quickest way to clean up customer service issues), I need to know if this is standard protocol.

Found a motorcycle through private party, NFCU financed the bike. Yet they made the cashier's check($3000) out to me and him.

I sign it and turn it over to him, yet the guys own bank(US Bank and a few that isn't a member of) will not cash it unless I am in the same branch also. This guy lives three hours away.

Why would NFCU do this? It isn't made out to me OR him...made out to him and I...now I have to drive 3 hours round trip today(he's meeting halfway) to get this cashed.

Let me know if this standard for NFCU to issues cashier checks in this manner....

This is standard. Think of it this way, at least they are protecting you by making sure that the check isn't made out to him, and he cashes the check without delivering the vehicle. I see it as a minor inconvenience at best.

Re: Inconvenienced by NFCU! Is this standard policy?

scarrollprint — Tue, 20 Nov 2012 17:34:55 GMT

webhopper wrote:
XxRaVeNxX wrote:
Before I go the twitter/facebook route(IMO quickest way to clean up customer service issues), I need to know if this is standard protocol.

Found a motorcycle through private party, NFCU financed the bike. Yet they made the cashier's check($3000) out to me and him.

I sign it and turn it over to him, yet the guys own bank(US Bank and a few that isn't a member of) will not cash it unless I am in the same branch also. This guy lives three hours away.

Why would NFCU do this? It isn't made out to me OR him...made out to him and I...now I have to drive 3 hours round trip today(he's meeting halfway) to get this cashed.

Let me know if this standard for NFCU to issues cashier checks in this manner....
This is standard. Think of it this way, at least they are protecting you by making sure that the check isn't made out to him, and he cashes the check without delivering the vehicle. I see it as a minor inconvenience at best.

Its also a security measure by making sure that a name wasn't added after the fact.

If it was JUST made out to him - you could have added your name and tried to cash/steal the money and vice versa intended to you and he stole it added his name and tried to cash it.

I know it seems pretty stupid, but honestly its not only to protect you, but also the bank - mostly the bank. Theives and criminals have come a long way. Technology has only developed BECAUSE of the criminals, not the criminials developing because of the technology...

Re: Inconvenienced by NFCU! Is this standard policy?

navigatethis12 — Tue, 20 Nov 2012 18:01:27 GMT

This is standard with every financial institution that I know of. If two names are on a cheque, both people must be present to be able to do anything with it. They may accept a signature instead of the person being there, but that is not the usual thing.

Re: Inconvenienced by NFCU! Is this standard policy?

SwiftTone — Tue, 20 Nov 2012 18:20:35 GMT

navigatethis12 wrote:
This is standard with every financial institution that I know of. If two names are on a cheque, both people must be present to be able to do anything with it. They may accept a signature instead of the person being there, but that is not the usual thing.

Usually not. A signature is useless unless it can be verified. Bank policy is usually that both parties must be present with ID.

Re: Inconvenienced by NFCU! Is this standard policy?

jsickz32 — Tue, 20 Nov 2012 18:25:14 GMT

I dont know if its the same but when my dad refi with NFCU he also got the check with both the other banks name and his. He had to sign the check, return it to NFCU and then they sent it to the other bank

Re: Inconvenienced by NFCU! Is this standard policy?

webhopper — Tue, 20 Nov 2012 18:28:57 GMT

jsickz32 wrote:
I dont know if its the same but when my dad refi with NFCU he also got the check with both the other banks name and his. He had to sign the check, return it to NFCU and then they sent it to the other bank

I had the same scenario... the check for my refi was made out to both me and the other bank. I signed it and brought it over to the other bank to payoff my loan and had to show my ID. The bank manager had to approve the check before it was considered valid.

Also... there are a lot of frauds out there involving fake cashiers checks... I think this is just a way for the bank and NFCU to verify that a check is legit before it is accepted and posted. Otherwise, someone could present a fraudulent cashiers check, take the goods, and then bail without trace. With an ID, the chances are better of catching someone who performs a criminal act.

Re: Inconvenienced by NFCU! Is this standard policy?

variableResistor — Tue, 20 Nov 2012 18:34:15 GMT

Would they accept the ceck if endorsed by both parties and left in the nighttime depository?

Re: Inconvenienced by NFCU! Is this standard policy?

Repo-ed — Tue, 20 Nov 2012 18:42:06 GMT

my CU made the check out to just the seller, so i could leave once i decided to buy the bike. i did go to the bank to make sure he had no problems depositing it.

Re: Inconvenienced by NFCU! Is this standard policy?

XxRaVeNxX — Tue, 20 Nov 2012 18:44:18 GMT

Appreicate the input....My anger might be misdirected...think it should be at US Bank...checks were endorsed by both of us, I mean I couldn't even stop at a local US Bank, to verify who I am, and have them contact a us bank where the guy was located. They said they needed my fingerprint on that check.

Re: Inconvenienced by NFCU! Is this standard policy?

jd5189 — Tue, 20 Nov 2012 18:48:29 GMT

variableResistor wrote:
Would they accept the ceck if endorsed by both parties and left in the nighttime depository?

That is how we get around it LOL

Re: Inconvenienced by NFCU! Is this standard policy?

variableResistor — Tue, 20 Nov 2012 19:12:42 GMT

My tution refund check was payable to me and I wrote pay to the order of : <My father's name> and sigened below under it. My father was able to deposit the check without me being present. This was at chase bank.

Re: Inconvenienced by NFCU! Is this standard policy?

SwiftTone — Tue, 20 Nov 2012 19:35:23 GMT

variableResistor wrote:
My tution refund check was payable to me and I wrote pay to the order of : <My father's name> and sigened below under it. My father was able to deposit the check without me being present. This was at chase bank.

The teller who processed it just let it slip through the cracks. If he was aware of it, he would not have processed. Simply a human error, which happens often in these cases.

Trust me, if you made the teller aware that so and so signed this over to you and he can't verify the signature, he will not process it.

Re: Inconvenienced by NFCU! Is this standard policy?

Datx — Tue, 20 Nov 2012 19:43:57 GMT

SwiftTone wrote:
variableResistor wrote:
My tution refund check was payable to me and I wrote pay to the order of : <My father's name> and sigened below under it. My father was able to deposit the check without me being present. This was at chase bank.
The teller who processed it just let it slip through the cracks. If he was aware of it, he would not have processed. Simply a human error, which happens often in these cases.

Trust me, if you made the teller aware that so and so signed this over to you and he can't verify the signature, he will not process it.

Actually, in variableResistor's scenario, that is perfectly fine. As long as both signatures are on the check, it should be good. I guess it just depends on the bank policy and it varies.

Re: Inconvenienced by NFCU! Is this standard policy?

SwiftTone — Tue, 20 Nov 2012 19:49:31 GMT

Datx wrote:
SwiftTone wrote:
variableResistor wrote:
My tution refund check was payable to me and I wrote pay to the order of : <My father's name> and sigened below under it. My father was able to deposit the check without me being present. This was at chase bank.
The teller who processed it just let it slip through the cracks. If he was aware of it, he would not have processed. Simply a human error, which happens often in these cases.

Trust me, if you made the teller aware that so and so signed this over to you and he can't verify the signature, he will not process it.
Actually, in variableResistor's scenario, that is perfectly fine. As long as both signatures are on the check, it should be good. I guess it just depends on the bank policy and it varies.

Usually bank policy requires them to verify signature right? I mean, if that's not the case, I can just sign whatever check I found on the street over to myself.

Re: Inconvenienced by NFCU! Is this standard policy?

XxRaVeNxX — Tue, 20 Nov 2012 21:30:39 GMT

Well...just getting back...and at first they tried to say I needed an account there also..She was mistaken. Then the only thing they asked for was my ID. **bleep**?! Why couldn't they have done that at a local branch...very reason I closed my US Bank account...BS like that...

Re: Inconvenienced by NFCU! Is this standard policy?

Datx — Wed, 21 Nov 2012 13:31:25 GMT

SwiftTone wrote:
Usually bank policy requires them to verify signature right? I mean, if that's not the case, I can just sign whatever check I found on the street over to myself.

Sure, if you want to risk fraud and jail time. I recently left my position at a big name bank a few months ago where I negotiate checks all day, and sent them to the next level for processing. And I wouldve processed that check if I saw the right signatures on the back of the check.