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We have gotten two separate requests this week from other financial institutions to freeze our customers’ lines of credits. One request is signed by our customer. The other is not. These requests are included with payoff requests.
I was wondering what other bank’s procedures were for these requests. I assume you honor these requests and hope the customer does not try to use the LOC. What would you do if a check presented? Would you call the customer and pay it if they verbally authorized you to?
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