1
when ensuring a proper check endorsement.
what 3 indicators should we look for?
the endorsement has to be made:
in ink or a rubber stamp
properly located on the check
identical to the payee information
when a 3rd party check is presented, and one of the payees aren't present, what options can we give the client?
if the client is an established client, compare the signature on the original signature from the home branch
if non-established inform the client all payees must be present for the presentation of the check
How do you properly endorse a mobile deposit?
Clients must write For KeyBank Mobile Deposit Only under their signature.
what indicates a restrictive deposit?
the payee signs the check and specifies how it may be negotiated. The most common restrictive endorsement is "for deposit only," which prevents the person presenting the check from receiving cash.
what is a conditional endorsement.
For a conditional endorsement
the payee signs the check and specifies that certain conditions be met before the check is negotiated. The specified conditions do not affect KeyCorp's right to enforce payment of the check from the drawee in the collection process.
what can we do for clients that can't sign for themselves.
you can do an "X" endorsement
Obtain management approval, Properly identify the endorser in accordance with KeyCorp procedures. The "X" must be designated as the payee's mark
what is an attorney-in-fact
An individual who has been authorized by a client (through power of attorney) to issue instructions to the bank.
when a client presents their own check for cash and writes "for deposit only " on the back how do we correct this endorsement?
advise the client to cross out the previous phrase and initial, then have them put their signature.
what is a facsimile endorsement
Facsimile endorsements are signatures that are not signed by hand. Examples include business clients with large payrolls who have their checks signed by machine or disabled clients who use rubber stamps to sign their checks.
Do we cash Qualified endorsement checks
what is a proper endorsement for a business check?
for deposit only or Account #, or owners signature, the payee writes the business name, followed by the authorized party signature below the business name.
can we deposit an insurance check when it's made payable to the insurance company and our client?
yes, as long as both parties have endorsed the check, generally the insurance company will have the check endorsed in front of a bank rep. to ensure proper endorsement with a bank stamp certifying the endorsement.
what agencies whose checks may be stamp-endorsed include:
if a check has two payees on it, what format would both individuals have to be present to cash?
when the check is made payable to to the payees including the word "AND"
ex: "Jane and john Doe"
if a client presents a check made payable to two businesses, how do we help the client?
f both business entities are KeyBank clients, you can accept the check if authorized representatives of both businesses are present to verify their identities and endorsements. You must be able to verify that each individual is authorized to transact for each business. If only one of the business entities is a KeyBank client, you cannot accept the check, because we cannot verify the identity of a representative of a business that is not a KeyBank client.