RBC customer's cheque was cashed ... not just once, but Twice ! | General financial discussion | Discussion forum

One is not supposed to keep mobile deposited items indefinitely.

For example, as part of the product agreement, Simplii Financial requires one to mark the cheque after mobile deposit and not keep it more than 120 days afterwards:

Endorsements and procedures
• You agree to endorse any item transmitted through the mobile deposit service by signing your name and writing “For deposit only” on the back of the item or as we may otherwise instruct. Immediately after transmission of an image, you agree to mark the front of the item as “paid” or “void” or cross it with parallel lines to indicate that the item has been imaged and transmitted. You agree to follow any other procedures and instructions for use of the mobile deposit service as we may establish from time to time.
…

Destruction and replacement of transmitted items
• You agree to retain the item for at least 5 calendar days from the date of deposit and destroy it within 120 calendar days of deposit by shredding, pulping, burning, crushing, erasing or any other means that ensures that the item cannot be reused.
…

Also, five months is a long time not to have noticed an unauthorized amount taken. But, then again, some people didn't notice, until a news story appeared, that their gym was still debiting their bank account monthly for over a year after they canceled their membership!

InterestThis said
Interesting article, it does show how banks want to automate everything, as its much cheaper.
But in this case, its the customers fault. You have to reconcile your banks statements every 30 days.
If you do not, then its your own damn fault for being lazy.

Also classy wedding host, to double-cash people's gift cheques months later.  

First off, the 30 days is an arbitrary guideline established by the banks. The law allows up to 2 yrs to resolve such issues. Second, it is rather judgmental of you to claim someone is lazy... you have no clue other people's life circumstances.

I think everyone needs to scan their account statements every month and it is not at all hard to do. It could be a ritual on a particular Sunday morning on one's calendar. It is at most about a 5 minute exercise per account, is it not?

Errors are made honestly though in this particular case, the wedding host is clearly a POS. Two years later? C'mon already.

"...you usually have 30 days after the date..."

People need to learn how to interpret the language. First, this is NOT law... Second, this is a guideline, as the emphasized word points out. Even "...this could differ from one bank to another." is about policy, not law.

The law allows up to 2 years before the statute of limitations applies.

smayer97 said

Again, very judgmental to proscribe what "everyone needs" to do. What is "hard" or not is very relative to circumstances. I am glad that your life circumstances make this "not at all hard to do". Who are you to call this host a POS? get off your high horse.  

I stand behind my comments. Being responsible in basic life activities is part of being a functioning adult, just like showing up to work on time each day and performing one's job function is too, and/or operating a business. Never mind raising children if that is indeed the case. That is not too much to ask, is it?

Added: However, I agree with the earlier thought that FIs should have some kind of algorithm that would know if that is a duplicate cheque and reject the request back through the clearinghouse. The ultimate solution someday will be the elimination of cheques as they have disappeared in many countries.

JohnnyCash said

It would be interesting if it turned out the host was in fact a POS.  

I really did not intend this item to derail the thread but who would deposit a cheque in July 2022, presumably shortly after the wedding and then somehow dig it back up in Dec 2023 and think that an 18 month old cheque (by then) had not: 1) been deposited with all the others at that time, and 2) was still valid anyway? Why would that host not checked their own bank records to be sure? Something is fundamentally wrong with that picture.......

It's a clever idea, save all your smaller personal cheques, and recash them in 18 months and hope people don't notice?

InterestThis said
It's a clever idea, save all your smaller personal cheques, and recash them in 18 months and hope people don't notice?  

FWIW, out of curiosity, what do you (or anyone reading this) do with the physical cheque once you have deposited a cheque using mobile app photo? Draw a line through it? Write a deposit date on it? Hold the 'so marked' cheque for a week or so before shredding it?

When I receive a larger cheque, I scan it and archive it in the account, hold the paper cheque in my inbox, then shred the original cheque after longer than a month. Some larger Corp cheques I might hold for a few months, just in case something goes south, which has never happened.

Like most people, I basically don't use paper cheques, but they have to remain as they can be very useful. Did a large transfer by cheque not that long ago, very useful. Ink signed paper is good.

But I don't understand why any adult would not reconcile their transactions each month, do it every month in an offline Quicken for all accounts. How can a person live without double-checking their accounts monthly? Its one of the easy wins in life.