Legends On Checks Prohibting Mobile Remote Deposit Capture
LexisNexis (May 3, 2018, 10:41 AM EDT) -- Background. Recently, a customer at a bank tendered a cashier’s check (“Check”) with the legend “NOT VALID FOR MOBILE DEPOSIT.” A copy of that Check is set forth below. As shown by information printed on this Check, it was issued on January 20, 2018, by Ohio Valley Bank (“Bank”) presumably as an advance on an anticipated tax refund under a program branded “Refund Advantage.”
This analysis explores:
The potential reason or reasons Bank printed this legend on this Check Whether Bank’s strategy has merit If this...