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Compliance Question of the Week

Question: Does the redeposited check exception apply to a check returned for a missing endorsement?

ANSWER: 

Under section 229.13(c), the depository bank may delay the availability of funds from a check if the check had previously deposited and returned unpaid.

The exception does not apply to:

To a check that has been returned due to a missing indorsement and redeposited after the missing indorsement has been obtained, if the reason for return indication on the check states that it was returned due to a missing indorsement; or

To a check that has been returned because it was postdated, if the reason for return indicated on the check states that it was returned because it was postdated, and if the check is no longer postdated when redeposited.

Reference: 12 CFR 229.13(c).

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