Originally Posted by
Bentley
I made my deposit, endorsing on backs of checks, "to be redeemed for lawful money under 12 USC 411" at my credit union and the legal department called and refused to accept the deposits. They claimed to 'not accept any "restricted" deposits'. I asked if they were insured by the federal government (which places them in the federal reserve system and under the Federal Reserve Act) and they said yes, so I simply asked for them to put their objection in writing and to cite the law under which they were refusing to accept deposits. They said they will send a letter next week with this information. I'll post their response.
Bentley