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A customer came with a check made out to an insurance company that was endorsed to the customer, but it has a red stamp stating “cancelled endorsement.” Can we accept this check? – IBA Compliance Connection

IBA Compliance Connection

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A customer came with a check made out to an insurance company that was endorsed to the customer, but it has a red stamp stating “cancelled endorsement.” Can we accept this check?

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Because the check has two red flags — it’s a third party check, and the endorsement has apparently been cancelled — we recommend sending the item for collection.