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News Release 2008-147 | December 17, 2008

Corrected: OCC Alerts Banks to Issuance of Wachovia Restitution Checks

WASHINGTON — The Office of the Comptroller of the Currency (OCC) notified financial institutions today that Wachovia Bank has issued more than 740,000 checks to consumers harmed by payment processors for telemarketers that did business with Wachovia. The checks were mailed December 11 by the U.S. Court Settlement Administrator.

The OCC encourages banks to accept properly issued checks from their customers for payment or deposit. Properly issued checks contain security features, including watermarks so banks receiving the checks from their customers can authenticate the checks. Banks with questions about the authenticity of a check are advised to call the Court Settlement Administrator's hotline at 1-866-680-6659 to validate the checks. Banks may also visit the Settlement Administrators Website for more information.

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