13-11-2015, 05:59 PM
I'm sorry if I missed it in the text - WHEN do they punch the PMO's number into the MO itself or are they printed that way first, with the punched square holes and then bound into a book?
It would seem to me that if the Postmaster can demand a refund from the FRB & its member bank, these banks, specifically the FRB, would have processed this money order and indicate such on the MO.
http://pe.usps.gov/Archive/HTML/DMMArchive0810/S020.htm3.0 FederalReserve System
3.1General
All money ordersare forwarded through the Federal Reserve Banking System, to which commercialbanks have access. For this standard:
a. Money ordermeans a U.S. Postal Money Order.
b. FederalReserve Bank means a Federal Reserve Bank or branch thereof that presents amoney order for payment by the postmaster general.
c. Presentingbank means a bank that presents a money order to and receives credit forthe money order from a Federal Reserve Bank.
d. Reclamationmeans the action taken by the postmaster general to obtain refund of theamounts of paid money orders.
e. Examinationincludes examination of money orders for indicia of theft, forged endorsements,forged signatures or initials of issuing employees, raised amounts, and othermaterial defects by electronic methods and visual inspection for defects thatcannot be discovered electronically.
f. Stolen moneyorder means a U.S. Postal Money Order stolen from a post office, classifiedor contract station or branch, or USPS employee before it is officially issuedby the post office, classified or contract station or branch, or by a USPSemployee discharging his or her official duties.
3.2Payment
The postmastergeneral has the usual right of a drawee to examine money orders presented forpayment by banks through the Federal Reserve System and to refuse payment ofmoney orders, and has a reasonable time after presentation to make eachexamination. Provisional credit is given to the Federal Reserve Bank when itfurnishes the money orders for payment by the postmaster general. Money ordersare deemed paid only after examination is completed, subject to the postmastergeneral's right to make reclamation under 3.4.
3.3Endorsement
The presentingbank and the endorser of a money order presented for payment are deemed toguarantee to the postmaster general that all prior endorsements are genuine,whether an express guarantee to that effect is placed on the money order. Whenan endorsement is made by a person other than the payee personally, thepresenting bank and the endorser are deemed to guarantee to the postmastergeneral, in addition to other warranties, that the person who so endorsed hadcapacity and authority to endorse the money order for the payee.
3.4Reclamation
The postmas[B]tergeneral has the right to demand refund from the presenting bank of the amountof a paid money order if, after[/B] payment, the money order is found to be stolen,or to have a forged or unauthorized endorsement, or to contain any materialdefect or alteration not discovered on examination. Such r[B]ight includes, but isnot limited to, the right to make reclamation of the amount by which a genuinemoney order with a proper and authorized endorsement has been raised. Suc[/B]hright must be exercised within a reasonable time after the postmaster generaldiscovers that the money order is stolen, bears a forged or unauthorizedendorsement, or is otherwise defective. If refund is not made by the presentingbank within 60 days after demand, the postmaster general takes such actions asmay be necessary to protect the interests of the United States.
It would seem to me that if the Postmaster can demand a refund from the FRB & its member bank, these banks, specifically the FRB, would have processed this money order and indicate such on the MO.
http://pe.usps.gov/Archive/HTML/DMMArchive0810/S020.htm3.0 FederalReserve System
3.1General
All money ordersare forwarded through the Federal Reserve Banking System, to which commercialbanks have access. For this standard:
a. Money ordermeans a U.S. Postal Money Order.
b. FederalReserve Bank means a Federal Reserve Bank or branch thereof that presents amoney order for payment by the postmaster general.
c. Presentingbank means a bank that presents a money order to and receives credit forthe money order from a Federal Reserve Bank.
d. Reclamationmeans the action taken by the postmaster general to obtain refund of theamounts of paid money orders.
e. Examinationincludes examination of money orders for indicia of theft, forged endorsements,forged signatures or initials of issuing employees, raised amounts, and othermaterial defects by electronic methods and visual inspection for defects thatcannot be discovered electronically.
f. Stolen moneyorder means a U.S. Postal Money Order stolen from a post office, classifiedor contract station or branch, or USPS employee before it is officially issuedby the post office, classified or contract station or branch, or by a USPSemployee discharging his or her official duties.
3.2Payment
The postmastergeneral has the usual right of a drawee to examine money orders presented forpayment by banks through the Federal Reserve System and to refuse payment ofmoney orders, and has a reasonable time after presentation to make eachexamination. Provisional credit is given to the Federal Reserve Bank when itfurnishes the money orders for payment by the postmaster general. Money ordersare deemed paid only after examination is completed, subject to the postmastergeneral's right to make reclamation under 3.4.
3.3Endorsement
The presentingbank and the endorser of a money order presented for payment are deemed toguarantee to the postmaster general that all prior endorsements are genuine,whether an express guarantee to that effect is placed on the money order. Whenan endorsement is made by a person other than the payee personally, thepresenting bank and the endorser are deemed to guarantee to the postmastergeneral, in addition to other warranties, that the person who so endorsed hadcapacity and authority to endorse the money order for the payee.
3.4Reclamation
The postmas[B]tergeneral has the right to demand refund from the presenting bank of the amountof a paid money order if, after[/B] payment, the money order is found to be stolen,or to have a forged or unauthorized endorsement, or to contain any materialdefect or alteration not discovered on examination. Such r[B]ight includes, but isnot limited to, the right to make reclamation of the amount by which a genuinemoney order with a proper and authorized endorsement has been raised. Suc[/B]hright must be exercised within a reasonable time after the postmaster generaldiscovers that the money order is stolen, bears a forged or unauthorizedendorsement, or is otherwise defective. If refund is not made by the presentingbank within 60 days after demand, the postmaster general takes such actions asmay be necessary to protect the interests of the United States.
Once in a while you get shown the light
in the strangest of places if you look at it right..... R. Hunter
in the strangest of places if you look at it right..... R. Hunter