#402100 - 08/11/0509:51 PMMSB - Non Bank Financial Institution - Pricing?
Anonymous
Unregistered
Does anyone out there have a current pricing program that these types of customers would fall under seperate from the typical analyisis charges?
Does anyone - that is currently opening themselves up to these customers have an application fee or some other type of fee structure that they charge coming in the door?
Just curious as to what to society norm is. In research, I'm finding out - most banks are still not opening themselves up to opening new accounts for this type of business (i.e. I have a mini-mart/liquor store and cash 3rd party checks sometimes, but I'm licenced and so forth).
I don't think you will find anyone that will divulge their bank's pricing in this forum. Pricing will vary from bank to bank based on the size of the bank and the risk that the individual banks feels that this type of account will present. I suggest that you call banks in your area and ask them directly. Taking 3rd party checks is a risk most banks do not want to take. Those banks that do accept them are trying to ensure that their risk is mitigated somewhat with their pricing schedule. Good luck.
Also consider requiring the MSB/NBFI to keep additional funds on deposit in the event there is a returned item they can't cover. At the bank I just left, we required a COD.
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Dolly Nugent CRCM Opinions expressed are my own.