We've had a few credit unions looking to establish a domestic correspondent banking relationship with us. Their needs vary: one is just looking to deposit their customer's checks into our bank to get them into the system and then write a check back to their bank; the other will do the same, but is also looking to us to supply cash when needed (10-30k/week depending). I understand the BSA requirements, I'm more looking for some direction operationally from other banks who currently have domesestic correspondent accounts as to what the 'application' process is: what upfront info do you ask for as far as what they're looking for? An outline would be very helpful!
My opinion is free: sometimes you get what you pay for; sometimes you get lucky.