on the check and the fact the check was deposited in person at a bank branch-the personal deposit of the paper check is inconsistent with the restrictive endorsement on the back of the check. The bank may not make an indemnity claim because of the restrictive endorsement. The back of the check contains an endorsement stating: ”for Mobile Deposit Only” Although the member is required to destroy the original check after confirming that it had been accepted for mobile deposit, the member forgets and personally deposits the paper check containing the restrictive endorsement in his bank account at a nearby branch of the bank.
The final rule also added an exception to the indemnity which would prevent a bank from making an indemnity claim if it accepted the original check containing a restrictive indorsement inconsistent with the means of deposit, such as “for mobile deposit only.”įor example, the credit union accepts a photographic image of a check from its member for deposit in the member’s account. The indemnity would be provided by a credit union that accepted a check by remote deposit capture to a financial institution that accepted the original check for deposit, in the event the financial institution that accepted the original check incurred a loss because the check had already been paid. The final rule creates a new Remote Deposit Capture (RDC) Indemnity in Section 229.34(f) to address the allocation of liability when a depositary institution, such as a credit union, accepts check deposits through “remote deposit capture.” In other words, when the depositor/ member sends the credit union electronic information about a check, such as a photographic image, which the credit union uses to create an electronic check or substitute check for collection.
New warranty and indemnity rights, liabilities and obligations to Regulation CC went into effect July 1, 2018.
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