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#1767274 - 12/13/12 07:07 PM Non-customer bringing in cash to buy official ck
Anonymous
Unregistered

The manager of a bolt franchise of a national company is bringing in $1,000 to $2,000 in cash a month (in one to three transactions a month) and purchases an official check payable to the company. The manager banks with us, but the business does not. Total amount for the year is $15,000. I want to say this is not suspicious, but I want to see if others agree.

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#1767330 - 12/13/12 08:09 PM Re: Non-customer bringing in cash to buy official ck Anonymous
BFrame Offline
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BFrame
Joined: Nov 2011
Posts: 401
USA
Unless you know something more, I don't see anything suspicious. Do you know the purpose of these purchases?

I wonder why the official items are not purchased where the business banks. If someone is making deposits for the business at another financial institution, why aren't they taking care of this business there as well?

But that's my only question... not necessarily suspicious.
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#1767407 - 12/13/12 11:00 PM Re: Non-customer bringing in cash to buy official ck Anonymous
West Coast Comp Offline
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West Coast Comp
Joined: Jun 2010
Posts: 350
Lost in the rain.
I would look to improve my understanding of the business. I also, don’t know why legitimately they wouldn’t be cutting checks from their FI. I find the behavior odd and would certainly follow up to see if there is reason to believe the activity is “suspicious”.
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#1767512 - 12/14/12 04:02 PM Re: Non-customer bringing in cash to buy official ck Anonymous
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,478
Pulling people out of the ditc...
why are you allowing a non-customer to purchase banking instruments? make them open an account, deposit the funds, and go from there.

and i think it is suspicious, on the surface, that they are not using the FI they bank with...and why doing a cashiers check instead of ACH CCD or wire transfer, which is faster and more secure, and likely less expensive.
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#1767582 - 12/14/12 06:00 PM Re: Non-customer bringing in cash to buy official ck Anonymous
complylady Offline
Platinum Poster
complylady
Joined: Jul 2002
Posts: 614
Michigan
Don't know why a bolt franchise would deal in much cash, but the deposits at their bank may be exceeding $10,000 and they are trying to hide cash deposits by purchasing checks payable to the business from other banks and then depositing them. They may be purchasing checks with cash at other banks also. Looks suspicious to me.

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