Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Compliance Confiscating counterfeit cash (11/13/2012)
WASHINGTON (11/14/12)--The compliance experts at the Credit Union National Association received an interesting question recently: How should a credit union handle suspected counterfeit currency? Specifically, are credit unions allowed to confiscate it--even when the member insists that we return it?

Knowing that the answer would be of interest to many, the compliance team featured the answer Thursday on CUNA's go-to compliance resource, CompBlog.

The U.S. Secret Service provides this guidance:

  • Do not return counterfeit currency to the passer;
  • Delay the passer if possible;
  • Observe the passer's description, as well as that of any companions, and the license plate numbers of any vehicles used;
  • Contact your local police department or U.S. Secret Service field office. These numbers can be found on the inside front page of your local telephone directory;
  • Write your initials and the date in the white border areas of the suspect note;
  • Limit the handling of the note. Carefully place it in a protective covering, such as an envelope; and,
  • Surrender the note or coin only to a properly identified police officer or a U.S. Secret Service special agent.
For more information go to the U.S. Secret Service website by using the resource link below.

The Secret Service has a "Know Your Money" page that warns: Those who fail to carefully examine the money they receive or who cash checks and bonds without requesting proper identification are potential victims. Only with the public's cooperation can the U.S. Secret Service reduce and prevent these crimes.

The site is designed to help detect counterfeit currency and guard against forgery loss.
Other Resources

RSS





print
News Now LiveWire
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
5 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago