sex dating in ocilla georgia - Banking laws post dating checks

In the FDIC deposit assessment audit of December 1986, the FDIC took exception to the pension pay service fund, account no. Furthermore, the FDIC included *** preissued, postdated cashier's checks in the assessment base.In light of *** protest of this assessment, you asked whether or not preissued, postdated cashier's checks are assessable where they are posted to the bank's general ledger on the release date. THE FDIC's POSITION The FDIC's argument essentially is that these preissued, postdated cashier's checks are deposits, and they consequently are assessable. In addition, the payees of *** postdated cashier's checks are on notice that the instruments are not negotiable until the due date. Furthermore, and unlike a preissued, postdated cashier's check, a money order is an effective obligation without restriction on the payment date.Furthermore, *** honors these checks even if they are presented before their payment date.

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Furthermore, *** has asked for a refund of what it asserts is an overassessment in the amount of $158,000. BACKGROUND This protest involves *** pension payment service.

*** has a section in its trust department called the "Benefit Payment Services" which sends out official checks to pay pension trust account beneficiaries.

*** protest does not involve the unscheduled check runs; rather, the protest involves the Benefit Payment Services' scheduled check runs.

The scheduled check runs are the monthly pension payments made by the Benefit Payment Services section.

A judge might have to see whether the checks given in evidence bear sequential serial numbers, or appear to have been written at the same time. Special rules apply if a check postdated by more than five days is given to a debt collection agency or a creditor who regularly collects its own debts.

The payee must give notice to the check writer at least three days, but not more than ten days, prior to depositing.*** also argues that these pension checks do not meet the definition of "deposit" until their due date arrives. And if these drafts are deposits, the next step in this analysis will be to determine whether or not preissued, postdated cashier's checks are bank liabilities. 1980) ("a postdated check is not, prior to date, a "check' as defined in [U. C.] § 3-104(2)(b), since it is not payable on demand"'). Furthermore, *** postdated cashier's checks are not outstanding drafts or money orders primarily because, unlike these latter two forms of negotiable instruments, postdated cashier's checks do not represent effective obligations until their due date arrives. Regardless, and even if *** postdated cashier's checks are construed to meet the definition of "deposit", *** postdated cashier's checks are not *** liabilities until the due date arrives.When the due date does arrive, *** argues that its deposit base is then properly reflected in the current outstanding checks, account no. Finally, *** argues that the pension pay service fund, account no. ISSUES *** assessment audit exception raises two questions. Therefore, in order to be included in the assessment base, each of these preissued, postdated cashier's checks must be: 1) a "deposit", (2) for which *** is liable. Therefore, until the due date, a preissued, postdated cashier's check is not a cashier's check or issued officer's check for purposes of what is a "deposit". Therefore, *** preissued, postdated cashier's checks do not meet the only relevant definition of "deposit" in the FDI Act, and *** pension pay service fund account no. Since *** postdated cashier's checks do not meet the definition of "'deposit", it is not necessary to determine whether or not they are *** liabilities for purposes of what is assessable by the FDIC. As argued above, preissued, postdated cashier's checks are not effective obligations until the due date.This Benefit Payment Services section make check payments in two ways: scheduled check runs and unscheduled check runs.Unscheduled check payments are for lump-sum payments, new pension accounts or other changes from the usual payment schedule.*** has no significance for assessment purposes because a cash management relationship exists between this account and the current outstanding checks, account no. First, do preissued, postdated cashier's checks meet the definition of "deposit"? SUMMARY CONCLUSIONS *** preissued, postdated cashier's checks do not meet the definition of "deposit" until their due date. Preissued, postdated cashier's checks do not meet the definition of "deposit" until their due date. In addition, a preissued, postdated cashier's check is not an "outstanding draft" for purposes of what is a "deposit". Finally, since preissued, postdated cashier's checks are not deposits until their due date, *** pension pay service fund, account no ***, is not a deposit account.

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