AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question On 2/3 our company deposited 2 checks from the same company. All was good until on 3/6 those 2 checks were returned to us giving a reason only of "refer to maker". We we did so only to find out that their bank shows the checks have cleared--they even gave us a copy of the canceled checks. Our bank says they cant help since it was their bank that rejected the checks. The company says they cant help since the checks cleared the bank... what now? We haven't been paid at this point & we don't know how to proceed! Help!
Answer Leeann, I think your beef has to be with your customer/company. If their checks have cleared their bank then someone other than your firm received credit meaning that you are still owed. They should cooperate and determine with their bank's help where the funds were credited. Should they not offer to help you should consider making demand for payment. Jim
