What is required for cashier checks and money orders purchased at a bank in relation to OFAC?
Is our bank required to cash or accept for deposit U.S. Postal Service money orders?
Does a Cashier's Check or Money Order a bank issues have to have the wording "Member FDIC" on them?
The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?
Concerning Reg CC: U.S. Postal Money Orders must be given next business day availability if they are deposited over the counter and into the account of the payee. What are the availability requirements of Japan International Postal Money Orders which are drawn on the same "account/ABA" as U.S. Postal Money Orders? I have searched the Regulation and cannot find anything specific to International Postal Money Orders.
What type of holds can be placed on official-type items such as cashier's or government-type checks? What rules accompany these holds?
What are the ongoing responsibilities on uncashed Cashier's Checks and Money Orders? What information is required for checking these monthly? We were told that we had to run them against OFAC.
Our bank has a business customer who printed checks with different remitters. The checks are clearing through one account. Should we close the account? What potential liability could we have?
Are we required to give 30 days notice to our consumers if we increase the overdraft fee? The bank's compliance officer said we do not have to give advance notice when changing the fees of other services such as wire fees, etc. Is this correct?
I work for a convience store which is registered as a MSB. Our banker told us we would need to write a policies and procedures. Could you help with a sample or example. Or would you know where I might find one? We currently cash checks and sell money orders.