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updated 08/23/16 07:57 AM
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From the Editors of CU Weekly

updated 07/14/14 01:58 PM
Special Rules Apply
A Treasury check, more than any other type of check, calls for special attention regarding proper endorsement of this monetary instrument. They are subject to the next-day availability rule under 12 C.F.R. Part 229 (Regulation CC), and are a favorite target of thieves and fraudsters.

Although the California Uniform Commercial Code generally covers check endorsements, Treasury checks are governed by 31 C.F.R. ยง240.4, which addresses endorsement and presentment guarantees.

Endorsement and Presentment Guarantees
A credit union presenting a check to the Treasury Department guarantees to the Treasury all of the following:

  • That all prior endorsements are genuine, whether or not an express guarantee is placed on the check.
  • When the first endorsement has been made by a third party, the presenting credit union and the endorsers are deemed to guarantee to the Treasury that the person who endorsed it had unqualified capacity and authority to endorse the check on behalf of the payee.
  • That the check has not been materially altered.
  • That the guarantors have no knowledge that the signature of the drawer was forged or unauthorized.
  • That the guarantors have made all reasonable efforts to ensure that a check is not a counterfeit.

Credit unions should take care to ensure their staff is appropriately trained to secure proper endorsement of Treasury checks, and to identify abnormalities in these negotiable instruments that may indicate an alteration to, or counterfeiting, of the check.

Click here to read the entire Research and Information column on Page 19 within the June/July edition of Credit Union Digest!