The $1.9 billion Western Federal Credit Union has alerted members of theinformal Credit Union Compliance Professionals group that stolencashier's checks are being fraudulently deposited into financialinstitutions and will be returned unpaid.
|An email obtained by Credit Union Times written byGreg Badovinac, assistant vice president of compliance andgovernmental relations at the Manhattan Beach, Calif., credit unionsaid Tuesday the package of 100 missing cashier's checks wasintended for use during a business continuity situation.
|Financial institutions questioning the validity of Western FCUcashier's checks should look for the signature of CEO JohnBommarito, and in the case of checks written for more than$10,000, a second signature.
|Financial institutions can also call Western FCU's call centerto confirm the validity of the Hawthorne, Calif.-basedinstitution's cashier's checks.
|Badovinac confirmed the authenticity of the email, but said thecredit union had no further comment.
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