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#380905 - 07/05/05 09:25 PM DEP Exemption -Clarification Needed Please!
Anonymous
Unregistered

Bank 1 obtains cash from Bank 2 (neither being the FRB). Whether this is a respondent bank with a correspondent bank or a correspondent bank with a correspondent bank or a retail bank to retail bank. If Bank 2 is acting as a vendor supplying cash to Bank 1, who fills out the DEP? Does it matter that Bank 2 is supply cash out and never receives cash in from Bank 1?

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#380906 - 07/05/05 10:52 PM Re: DEP Exemption -Clarification Needed Please!
Dolly Nugent Offline
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Dolly Nugent
Joined: Nov 2000
Posts: 1,820
Southern California
Sounds like Bank 2 should file the DEP.
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Dolly Nugent
CRCM
Opinions expressed are my own.

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#380907 - 07/06/05 01:07 PM Re: DEP Exemption -Clarification Needed Please!
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
It's immaterial which way the cash flows. Banks 1 and 2 should each file a DEP on the other.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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