I'm sorry my attempt at being precise caused confusion.
Wells Biz Center explained that this is NOT a 'Stop Payment' request by account holder, Notary Cloud, LLC, which would cause them significant fees. That is why I wanted to sound the alert to my fellow NSA's.
This 'Refer to Maker' means that when that check number with that Payee name (Notary Cloud ck# 1234, made out to Yoli) arrives at the bank for payment, then the Bank does NOT to pay it but instead notifies Notary Cloud for instructions.
Notary Cloud will decide whether or not to allow the check to clear their account..... Notary Cloud can do this multiple times apparently while they "investigate" the credentials of the check they made. For example, the signature of the authorized signer, in this case Brandon Knudson, may be a forgery or maybe the check was meant not for Yoli but for someone else. They can dither for weeks and months on their 'investigation' as to whether or not they wish to allow the check to be honored and it doesn't cost THEM a dime! |
