California  |  Banking Law

Legal Question

Asked on: 3/25/13, 12:38 pm

Question re banking laws and regulations, as well as the bank policy.

Facts: over a significant period of time, an employee of the corporation made numerous deposits of the checks payable to the employer corporation into the employee’s personal bank account, through ATM deposits (not by depositing the checks through a bank teller). The name of the employer, the corporation, is totally different from the name of the employee, the individual, so there is no “innocent” mistake based on confusion. The bank, Bank of America, accepted all these numerous deposits of the checks, payable to the corporation, made by the individual through ATM into the individual’s bank account.

Question: which banking laws and regulations, as well as the bank policy, has the Bank of America violated, when the foregoing was taking place?

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