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*** has no significance for assessment purposes because a cash management relationship exists between this account and the current outstanding checks, account no. First, do preissued, postdated cashier's checks meet the definition of "deposit"? SUMMARY CONCLUSIONS *** preissued, postdated cashier's checks do not meet the definition of "deposit" until their due date. Preissued, postdated cashier's checks do not meet the definition of "deposit" until their due date. In addition, a preissued, postdated cashier's check is not an "outstanding draft" for purposes of what is a "deposit". Finally, since preissued, postdated cashier's checks are not deposits until their due date, *** pension pay service fund, account no ***, is not a deposit account.

Second, is *** pension pay service fund, account no. Furthermore, *** pension pay service fund, account no. Therefore, the exception to *** deposit assessment is incorrect. DISCUSSION The assessment base of a bank is "equal to the bank's liability for deposits . Section 3(A preissued, postdated cashier's check is not any one of these four instruments. A "draft" is a negotiable instrument if it is a "direction to pay" a person who is identified with "reasonable certainty". The existence of this account and *** premature posting of these pension checks confuses the assessment process, but substance should rule over form. ADDENDUM *** practice of honoring these postdated cashier's checks has no legal significance for assessment purposes because it does not accelerate the negotiability of these drafts.

If *** failed before the payment date of these preissued, postdated cashier's checks, the rights of the payees would be frozen as of the failure date. Finally, not even *** practice of prematurely honoring these drafts would enable the payees to prematurely collect from the FDIC.

Even if a "course of dealing" relationship were deemed to accelerate payment, such an "agreement" would be unenforceable against the FDIC because there is no written agreement that *** will prematurely pay on these drafts.

In the FDIC deposit assessment audit of December 1986, the FDIC took exception to the pension pay service fund, account no. Furthermore, the FDIC included *** preissued, postdated cashier's checks in the assessment base.

In light of *** protest of this assessment, you asked whether or not preissued, postdated cashier's checks are assessable where they are posted to the bank's general ledger on the release date. THE FDIC's POSITION The FDIC's argument essentially is that these preissued, postdated cashier's checks are deposits, and they consequently are assessable. In addition, the payees of *** postdated cashier's checks are on notice that the instruments are not negotiable until the due date. Furthermore, and unlike a preissued, postdated cashier's check, a money order is an effective obligation without restriction on the payment date.

Your *** memorandum states that the *** considers official checks released by a bank for delivery to be issued and outstanding. On the reverse of each draft, *** printed the following statement: "This check must be personally endorsed by the payee in ink in the payee's handwriting." (Emphasis supplied.) Therefore, whereas an "outstanding draft" constitutes an effective but unpaid obligation, a preissued, postdated cashier's check is not an effective obligation until the due date, and *** cashier's checks consequently are not outstanding drafts for purposes of what is a "deposit". Therefore, a preissued, postdated cashier's check is not a "money order".

Furthermore, your memorandum states that issued official checks meet the definition of "deposit". Therefore, you state that the *** exception was taken because deposits posted to the institution's general ledger are assessable. *** POSITION *** takes the position that its preissued, postdated cashier's checks are not assessable deposits. § 3-510, Official Comment 2 ("the following reasons for refusal are not evidence of dishonor, but of justifiable refusal to pay or accept: . Finally, a preissued, postdated cashier's check is not a "money order". In summary, the only definition of "deposit" relevant to *** preissued, postdated cashier's checks is found at subsection 3 ()(4).

Bdend-1g /* Trending Now */ /* Center Rail */ #ya-center-rail .profile-banner-default .ya-ba-title #Stencil . Bgc-lgr #ya-best-answer, #ya-qpage-msg, #ya-question-detail, li.ya-other-answer .tupwrap .comment-text /* Right Rail */ #Stencil . Bxsh-003-prpl #yai-q-answer, #ya-trending, #ya-related-questions h2. Fw-300 .qstn-title #ya-trending-questions-show-more, #ya-related-questions-show-more #ya-trending-questions-more, #ya-related-questions-more /* DMROS */ .This practice enhances *** competitiveness, and it allows the pensioners to promptly meet their financial obligations.The problem with *** practice is that these preissued, postdated cashier's checks are posted to *** general ledger as of the date of issuance, but they are not actually funded until the payment date.[Table of Contents] [Previous Page] [Next Page] [Search] Inclusion of Preissued, Postdated Cashier's Checks in FDIC Deposit Assessment FDIC-87-58 December 4, 1987 Richard T.Miller, Attorney This memorandum responds to a deposit assessment protest submitted by *** of the ***.

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