The $1.9 billion Western Federal Credit Union has alerted members of the informal Credit Union Compliance Professionals group that stolen cashier's checks are being fraudulently deposited into financial institutions and will be returned unpaid.
An email obtained by Credit Union Times written by Greg Badovinac, assistant vice president of compliance and governmental relations at the Manhattan Beach, Calif., credit union said Tuesday the package of 100 missing cashier's checks was intended for use during a business continuity situation.
Financial institutions questioning the validity of Western FCU cashier's checks should look for the signature of CEO John Bommarito, and in the case of checks written for more than $10,000, a second signature.
Financial institutions can also call Western FCU's call center to confirm the validity of the Hawthorne, Calif.-based institution's cashier's checks.
Badovinac confirmed the authenticity of the email, but said the credit union had no further comment.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
