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.