Vendor Guru Q&A - Compliance

Latest Compliance - Money Orders Topics

Monetary Instruments Log for Credit Union

08/09/2020

I am trying to create a monetary instruments log for our credit union. I have not been able to find a list of the required information needed on the log. Where can I find that information?

Stop Payment on Personal Money Order Purchase

12/15/2019

If a customer stops payment on a personal money order purchase from the bank and it never comes through for payment, do they get their money back and if so, when?

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?

Required to Cash/Accept Postal Money Orders?

12/17/2012

Is our bank required to cash or accept for deposit U.S. Postal Service money orders?

"Member FDIC" on Cashier's Check/Money Order

11/19/2012

Does a Cashier's Check or Money Order a bank issues have to have the wording "Member FDIC" on them?

Cannot Find Source of Funds-Close Account?

09/24/2012

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?

International Postal Money Orders- Availability

01/23/2012

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.

Rules for Holds on Cashier's/Gov't Checks

09/19/2011

What type of holds can be placed on official-type items such as cashier's or government-type checks? What rules accompany these holds?

Uncashed Cashier's Checks and Money Orders

04/25/2011

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.

Bank Customer Sells Money Orders

08/30/2010

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?

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Serving the Unbanked and Underbanked: FDIC's Study

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FDIC's Unbanked Study

Initially, CRA was all about helping to meet the credit needs of low- and moderate-income consumers.

Escrowing during Construction

10/25/2020

Can we collect property taxes during construction based on the completed value of the home?

Reg E Question About Credit Card Fraud

10/25/2020

When a cardholder has a fraud alert on their card and they tell the fraud center that the transactions are NOT fraud, the fraud center reopens the card. Now the customer has roughly 10 or more charges from the same company that she just said were not fraud. Now she is claiming that they are all fraud. (including the original charges) What do we do?

Chamber of Commerce Cash & Prize Giveaway

10/25/2020

Our Chamber of Commerce is hosting a cash & prize giveaway to encourage people to shop local during the holidays. As a member of the Chamber of Commerce, the bank has been asked to pass out tickets as entries to win. Each business has a limited number of tickets. Employees of the bank are not allowed to obtain any tickets from the bank, but can from other businesses participating. My question is, can we offer multiple tickets as incentives for our customers to use other services we offer? Examples would be: 1) A customer comes in to make a deposit= 1 ticket. If they sign up for online banking while here we will offer an additional ticket. 2) A non customer comes in to cash a check= 1 ticket. If they open an account with us we will offer additional tickets. 3) A customer asks about a home loan= 1 ticket. If they qualify, they can earn additional tickets. If they decide to finance with us more tickets.

How to Complete a CTR for Local Diocese

10/18/2020

A question came up during a recent audit in regards to how a CTR would be completed for a local Diocese. This particular Diocese has a few different churches using the same EIN. Our system recognizes large currency transactions that we compare to see if a CTR was completed. My question is, would a CTR be filed on that specific church when deposits of cash are over $10k, or on the Diocese?

Max Escrow Cushion

10/18/2020

How do we know when a cushion is allowed?

Latest Compliance - Money Orders Topics

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