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#341158 - 03/31/05 03:10 PM phone cards considered stored value?
Anonymous
Unregistered

I am a regular poster but feel the need to post this question anonymously.

We have a customer who appears to be the "middle man" for the distribution of major brand phone cards. The customer seems to be purchasing phone cards and selling them to convenience-type stores. This appears to be the customer's sole business.

Does this customer qualify as a MSB whereby the phone cards would be considered stored value?

Thanks.

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#341159 - 03/31/05 04:38 PM Re: phone cards considered stored value?
Anonymous
Unregistered

A phone card is a closed system; thus, probably not an MSB. Where is the transmission of money to a third party? There isn't one.

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#341160 - 03/31/05 05:08 PM Re: phone cards considered stored value?
Jokerman Offline
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Joined: Nov 2003
Posts: 12,846
Been down this road, too. Our understanding is that FinCEN doesn't consider this stored value.

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