Vendor Guru Q&A - Compliance

Latest Compliance - Cashier's Checks Topics

Cashier’s check presented as ACH entry

05/31/2020

What can we do if one of our cashier’s checks is converted and paid as an ACH check conversion?

CTR for Large Check for Christmas Bonuses

01/19/2020

A customer cashes a large check that results in a reportable CTR. My question is that the funds from the check are for Christmas bonuses for the customer's employees. I have the customer as the conductor, but who will be the beneficiary? Can we list the business as the beneficiary?

Timing Requirement to Return Counterfeit Cashier?

09/01/2019

Is there a timing requirement to return a Cashiers Check that is counterfeit?

Verbiage for Demanding Payment Based on UCC

04/07/2019

We are the bank of first deposit for a cashier's check returned to us due to a stop payment by the paying bank. It is past the 24 hour window. We need the proper verbiage or a sample template to demand payment, in writing, based on UCC. Do you have a sample?

Cashier Checks Deposited Together as Large Deposit

11/11/2018

When two cashier's checks are deposited together and held as a Large Deposit, should $5,000 of the total be made available immediately or is $5,000 from each check ($10,000 of the total deposit) made available immediately?

Cashier Checks/MO Purchased at Bank: OFAC

11/04/2018

What is required for cashier checks and money orders purchased at a bank in relation to OFAC?

Reissuing Cashier's Check: Suspicious Activity?

08/26/2018

Are there any rules that would prevent us from reissuing a cashier's check every few months for a customer? She comes in and wants a fresh check but never cashes it out. Is that a reportable suspicious activity? Are we breaking rules by doing this?

Cashier's Check Came in thru Fed Cash Letter

08/19/2018

What is the process for handling a cashier's check that came in through the Fed cash letter, that has a stop payment on it and also we have a signed declaration of loss. I know we can't return it as a stop payment. Is there a way to return it or would we deal directly with the BOFD?

How to Negotiate Check When Business is Dissolved?

10/15/2017

If a business closes its bank account with the bank paying the balance to it in the form of a cashier's check, payable to the business, if the business is dissolved, how can the check then be negotiated?

Replacing "On-Us" Check with Cashier's Check

05/15/2016

If a non-customer brings in an "on-us" check and wants to replace that check with cashier's check, who should the remitter be?

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New Reg CC Update - Large Check Deposit

08/02/2020

I have a question on the new Reg CC update, specifically, on the large check deposit. I have a customer depositing a out of town check made to himself in the amount of $106,000. How do I handle this? Example: 2-12-2020: Place a Large Deposit Exception hold on the check making $200 available 2-13-2020, $4,800 available 2-14-2020 & $101,000 available 2-24-2020. So would the new amounts be $225 available 2-13-2020 and $5,300 (to make a total available $5,525) available 2-24-2020 and the rest available 2-24-2020?

Latest Compliance - Cashier's Checks Topics

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