The State Treasurer is custodian of all public funds. The updates contained herein include check modifications effective on or before January 1, 2023, and a requirement that an employee of the financial institution observe the customer’s endorsement of the check. ![]() This policy has been updated from the original policy issued January 13, 2021, and is now applicable to all Commonwealth checks. To facilitate compliance with these new protocols, Treasury has modified the appearance of Commonwealth checks and has established dedicated channels to verify their validity as a prerequisite to “holder in due course” status claims. In response to significant fraud risks associated with Treasury-issued checks, and consistent with existing Pennsylvania law and regulations, these procedures are intended to encourage the exercise of caution by financial institutions when presented with a Commonwealth check for payment. ![]() ![]() The Pennsylvania Treasury Department has updated its implementation of procedures and policies to prevent the fraudulent payment of public funds. Updated Notice - Posted DecemCommonwealth Checks Policy
0 Comments
Leave a Reply. |