nced by NFCU! Is this standard policy?
11-20-2012 10:28 AM
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.
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