Does your FI allow Money Service Businesses to open accounts? If so, would you be willing to share your best practices??

If so, please message me...I've got questions

Thanks!!!

**bump**

Still have MSB questions

Why the secrecy? If you have questions, just ask.

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I am wondering what types of enhanced due diligence others banks do for MSB customers....do you site visit? Do you require special agreements or assurity bonds for check cashing businesses? Do you have a special monthly service charge?

We don't bank them any more, but a site visit was always required for obvious reasons. There are differences between MSB's, so I don't think there is one standard approach. For example, a busy Western Union location is not the same as the mom & pop convenience store which just also happens to cash a few checks a week.

The basics are: 1. request proof of registration with FinCEN and the state (if applicable). 2. Request copies of their AML policies & procedures. 3. Talk to their "Compliance Officer" to get an idea if they really understand what's going on.

In my area, the banks that do bank MSB's kill them on fees. I'm not talking analysis either. This is a specific fee based solely on the customer being an MSB. Depending on all of the relevant factors, I have heard of fees ranging from $500-$3,000 per month.