US Department of Veterans Affairs - Request on the negotiation of checks presented by World War II Veterans

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MAYNILA, PILIPINAS

OFFICE oF THE dEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR

CIRCULAR LETTER NO. CL-2009-041

TO All Banks

Subject: US Department of Veterans Affairs - Reguest on the

negotiation of checks presented by World War II veterans

In order to facilitate the well-deserved compensation of Filipino World War

Sentral ng Pilipinas to support the implementation of Section 1002 in the t! veterans and in response to the request of the Us Ermbassy for the Bangko expedite the negotiation of checks presented by World War li veterans received American Recovery and Reinvestment Act (ARRA) signed by President Obama in February 2009, banks are enjoined to take the necessary measures to

from the U.S. Department of Veterans Affairs (USDVA).

Il veterans, and engages a courier to deliver personally to each veteran the check covered by a letter advising the recipient of the award of the benefit. USDVA issues these checks after validation of claims from surviving WW

While it is understood that banks are expected to observe the appropriate KYc measures, their support is likewise crucial in ensuring the shortest reasonable period for completing the process of negotiating the checks.

the topic as prepared by the USDVA. Attached hereto, for reference, is a set of Frequently Asked Questions on

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NESTOR A. E Enill

Deputy Governor

{ May 2009

PanAnaLaPIng Matatag, BanSang Panatag

A. Mabini St., Maiate 1004 Manila, Philippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-mail: [email protected]

FREQUENTLY ASKED QUESTIONS

WORLD WAR II FILIPINO VETERANS EQUITY COMPENSATION FUND

The President of the United States signed the American Recovery and Reinvestment Act of eligible World War II (WWII) Philippine veterans. These payments are to be made through the U.S. Department of Veterans Affairs (VA) from a $198 million appropriation award notification letter from VA will accompany each check sent to an eligible veteran. 2009 on February 17, 2009, authorizing the release of one-time, lump-sum payments to established for this purpose. Payments are being issued to eligible veterans via U.S. Treasury check and are being sent via courier to the veteran's home address of record. An

Q -- What will be the amount of the checks?

-A -- The majority of the checks will be for either $9,000 or $15,000. There will be a small percentage of checks for lesser amounts due to recovery by the U.S. Treasury of outstanding debts.

Q -- How can we determine if a U.S. Treasury check is associated with this benefit? A -- All of these benefit checks are imprinted below the payee and address segment with the following.

e FVEC followed by a seven-digit mumber that will correspond to a check reference mumber on the award notification letter.

: Immediately below this is imprinted "Not valid over fifteen thousand USD"

(Please see the enclosed sample of one of these checks)

Q -- What additional information should we require before negotiating these checks?

A -- All recipients of these checks have received an award notification letter from the FVEC number on the face of the check. VA has instructed veterans to present a copy of U.S. Department of Veterans Affairs Regional Office, Manila. These letters have a check reference number in the upper right portion of the letter that must correspond to the the award letter to the bank along with the check. The check should be accepted for deposit or negotiation only if the FVEC number matches the check reference number on the award letter.

The address information on the award letter should match the payee name and address on the check.

(Please see the enclosed sample of a motification letter.)

Whatever acceptable forms of personal identification each bank normally requires should be submitted and be consistent with the information on both the award notification letter from VA and the check

Q -- Who may negotiate or deposit these checks?

A -- These checks shouid be negotiated or deposited only by the payee to whom the check Is isued

else presents the check for deposit into the payee's account? Q -- May we accept these checks for deposit if the payee properly endorses them but someone

in person as assurance the payee is still living. safeguard against unauthorized negotiation, we request that the payee present the check A -- Entitlement to this benefit is restricted to the payee shown on the check. As a

Q --- Must we immediately negotiate the check for the full amount?

A -- We do not wish to dictate the banking community's operating policies and procedures. We do request banks assist us in our efforts to get these payments to these required. VA will help manage veteran's expectations by explaining this to the veteran ages. VA understands that an appropriate waiting period for the check to clear may be deserving individuals as quickly and as easily as possible considering their advanced community

Q -- Has VA put any other safeguards in place to assist the banking community?

A -- Before a veteran is found eligible, VA adjudicates the veteran's claim in strict accordance with the laws, regulations and procedures as codified in U.S Code Title 38. VA's internal implementing regulations, and VA's adjudication procedures.

VA has taken the extraordinary step of arranging for the delivery all checks to eligibie veterans via courier service (DHL/ WWW Express). Couriers are instructed to deliver the check to the consignee only and must witness the veteran sign for the check. Post ID, Drivers License, Passport, Local SSS Card, Voter ID Card. DHL/ WWW Express is required to submit to VA a confirmation of delivery receipt containing the Additionally, the courier is required to verify the veteran's identity by requiring two forrns of identification. Acceptable forms of identification are Birth Certificate, Bureau of veteran's signature and the forms of ID presented and verified for each successful delivery. DHL/WWW Express is required to return all checks not meeting these rigorous delivery standards to VA.

her U.S. Treasury check and award letter is the rightful beneficiary. VA believes these safeguards offer the banking community first and second "lines of defense" and should provide banks reasonable assurance that the veteran presenting his on

Q -- What procedure should we follow if someone other than the proper payee presents a check for deposit or negotiation?

A -- Please do not accept the check. Explain the restrictions on depositing or negotiating these checks and request the proper payee appear in person.

VA encourages the banking community to adhere to its strict standards of practice and refrain from informal exceptions to their rules.

.If a third party attempts to negotiate the check or advises the bank that the veteran is unable to transact business or present themselves to the bank because of poor health or advise the third party to contact VA immediately and advise VA of the veteran's be issued. Banks may advise individuals to call VA at: otherwise, the bank should not negotiate the check. In these instances the bank should condition. VA will conduct an investigation to determine the veteran's status and, if necessary, appoint a legal custodian or guardian in whose name a replacement check will

632 5282500

01-800-1888-5252 outside of metro Manila (PLDT line) D

If any irregularities are suspected (payee has died, check has been stolen or forged, etc.), banks are asked to please contact the VA's finance office at the U.S. Embassy via the following e-mail address: [email protected]. If possible, record the check number and payee name to report when contacting our office.

DePaRtMeNT HOE.VFIErans AFFaIrS

0930 Manila Philippines 131 Rox3s Bivd

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