Lost, Stolen or Destroyed Passbooks. If you have such an account and you lose your passbook, or if your passbook is stolen or destroyed, you must notify us as soon as possible. We may close your account or issue you a replacement passbook only if you (or, if your account is a joint account, all joint account owners) complete any documentation that we may require and provide us with identification that we deem appropriate under the circumstances. We may also require you to pay us any lost passbook fee that is disclosed in the Schedule of Fees (as may be amended from time to time). We reserve the right to require you to give us a surety bond or an indemnification agreement before we will agree to issue a replacement passbook to you. Once we issue the replacement passbook to you we will have no further liability for the original passbook.
Lost, Stolen or Destroyed Passbooks. If you have a Passbook Savings account and you lose your passbook, or if your passbook is stolen or destroyed, you must notify us as soon as possible. We will issue you a Statement Savings account only if you (or, if your Passbook Savings account is a joint account, all joint account owners) complete any documentation that we may require and provide us with identification that we deem appropriate under the circumstances. We reserve the right to require you to give us a surety bond or an indemni- fication agreement before we will agree to convert the account to a Statement Savings account. Once we convert your account to a Statement Savings account, we will have no further liability for the original passbook.
Lost, Stolen or Destroyed Passbooks. If you have a Passbook Savings account and you lose your passbook, or if your passbook is stolen or destroyed, you must notify us as soon as possible. We will issue you a Statement Savings account only if you (or, if your Passbook Account is a joint account, all joint account owners) complete any documentation that we may require and provide us with identification that we deem appropriate under the circumstances. We reserve the right to require you to give us a surety bond or an indemnification agreement before we will agree to convert the account to a Statement Savings account. Once we convert your account to a Statement Savings account, we will have no further liability for the original passbook. AVOIDING FRAUD OR SCAMS Every bank must provide its customers with its own funds availability policy, which outlines its practices for making funds available xxxx deposit for withdrawal. However, when a bank says your funds are “available for withdrawal,” that does not mean your check has “cleared” or that the check will be paid by the bank upon which it was drawn. “Available for withdrawal” is a legal term defined by federal law and regulations, designed to provide customers with quick access to their funds. It is based on the premise that most checks are processed quickly through the payment systems and are drawn on legitimate accounts that have sufficient balances to pay the check. Unfortunately, some checks are fraudulent, counterfeit, or drawn on accounts that have been closed. This is a real concern for consumers and financial institutions, as the circulation of fraudulent checks is on the rise. A common example of this is known as a “cashier’s check scam.” In this scam, a consumer advertising an item for sale receives what appears to be a legitimate cashier’s check from the buyer, but it is not legitimate; it is a counterfeit check. The check is made out in an amount that is more than the sale price of the item. The seller is asked to deposit the cashier’s check into the seller’s account and to wire the “excess” portion to a third party whom the seller does not know. It may take weeks or even months for the counterfeit cashier’s check to come back to the bank unpaid, especially if the check is drawn on a bank outside the United States. These scams are also run with counterfeit money orders and U.S. Treasury checks. There is no way for a bank to declare with certainty that a check you have deposited to your account will clear. When you are told the funds a...
