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FINANCIAL HORIZONS CU
|Financial Horizons CU hosted an American Hero 5K at the Fallon Churchill Fire Department.
07/27/16 08:58 AM
Financial Horizons CU
hosted an American Hero 5K to honor all active and retired military, fire fighters, law enforcement, search and rescue, and paramedics. A total of $2,439.72 was raised and will benefit the following agencies: Fallon Fire Department, Churchill County Sheriff’s Office Deputy’s Association, Fallon Police Department Officers Fund, Churchill County Search and Rescue and Wounded Warriors.
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From the Editors of CU Weekly
'STOP PAYMENT' AND CASHIER'S CHECKS
|By Tom Wolfe, Managing Partner of Moore Brewer Wolfe Jones Tyler & North
11/04/13 04:16 PM
Helpful Guidance for CUs
In August 2012, financial institutions across the country began receiving urgent requests to stop payment on un-cashed cashier’s checks sent to a popular online investment program.
In what turned out to be a $600 million Ponzi scheme, Rex Venture Group, LLC, doing business as ZeekRewards.com, was shut down by the U.S. Securities and Exchange Commission, and its more than 1 million customers were left scrambling to recoup their investments.
In recent weeks, court-appointed receivers began issuing demand letters to financial institutions seeking payment on cashier’s checks wrongfully rejected when first presented as a result of "stop payments."
Although the law hasn’t changed, we revisit the issues involved so credit unions can gain a better understanding of the factors surrounding this story and why they are important to know.
Click here to continue reading the latest Legal column on Page 17 within the October/November edition of Credit Union Digest!