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#1736757 - 08/30/12 05:01 PM Why Do This - Transaction Question
Anonymous
Unregistered

Why would a convenience store cash employees checks then use the checks to purchase a cashiers check?

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#1736761 - 08/30/12 05:03 PM Re: Why Do This - Transaction Question Anonymous
BSABecky Offline
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BSABecky
Joined: Mar 2011
Posts: 126
Seymour, IN USA
By "employees checks" do you mean their payroll checks or personal checks?
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My opinions do not necessarily reflect those of my employer.

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#1736792 - 08/30/12 05:38 PM Re: Why Do This - Transaction Question Anonymous
Anonymous
Unregistered

small payroll checks along with small cash. CC payable to a vendor. Less than 3K.

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#1736806 - 08/30/12 05:48 PM Re: Why Do This - Transaction Question Anonymous
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
He is allowing them to buy something from his vendor at wholesale prices??
Is the vendor a well known company?

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#1736829 - 08/30/12 06:18 PM Re: Why Do This - Transaction Question Anonymous
Anonymous
Unregistered

yes very well known.

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#1737182 - 08/31/12 03:12 PM Re: Why Do This - Transaction Question Anonymous
Anonymous
Unregistered

Why not consider asking him what he's doing. The way he answers will tell you lots of information.

If he's cashing checks for his employees, be sure to monitor for him reaching MSB thresholds and be sure you're doing adequate due diligence if he is approaching/at MSB status.

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#1737224 - 08/31/12 04:06 PM Re: Why Do This - Transaction Question Anonymous
Anonymous
Unregistered

Your responses are appreciated!

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#1737258 - 08/31/12 04:45 PM Re: Why Do This - Transaction Question Anonymous
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
My thought was he cashes employees checks to help them. Then he needs to pay vendor but has used his available cash, or a good chunk of it, so he uses those payroll checks he cashed to obtain the necessary cashier's check to pay the vendor.

But you won't know until you inquire.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#1737897 - 09/05/12 01:06 PM Re: Why Do This - Transaction Question Anonymous
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,557
Cape Cod
If a business cashes its own employees' payroll checks, that fact alone won't make it an MSB, even if one or more of those checks is for more than $1,000.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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