Who is the best defense against fraud and loss at your Institution? Tellers on your frontline!
Although consumers’ use of paperless/digital payment methods has exploded in recent years, there are still billions of checks written every year - & your staff deal with them every day... However, if your tellers don't understand the "law of checks" - that is, Articles 3 and 4 of the Uniform Commercial Code (UCC) -- your Institution faces an increased chance of losses (due to improperly negotiated or fraudulent checks) and many unnecessary headaches.
In this session, we will take an in-depth look at UCC Articles 3 and 4, which are the rules for cashing and depositing checks. If you've been searching for a compliance program to help your tellers understand the check payment system, this is the training session for you!
- An overview of the most important UCC provisions in Articles 3 and 4
- Discussion of UCC’s negotiability and endorsement standards for checks
- Essential UCC provisions to know when depositing or cashing checks
- Postdated checks, stale dated checks, and stop payment orders
- Liability implications regarding stop payments of cashier's/teller’s checks
- Consumer negligence in handling checks
- Check fraud issues
- Examples of "Real Life" Scenarios for accepting checks
- Case law examples of UCC application
Who Should Attend?
This informative session is designed for:
- Risk Officers and Staffs
- Branch Managers
- Compliance Officers
- Teller Supervisors and Seniors
- Internal Audit
- Deposit Operations
- Training Officers