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#1833608 - 07/17/13 03:12 PM Reloadable prepaid card and CIP
fmb Offline
Member
Joined: Sep 2003
Posts: 97
Is a reloadable prepaid card an "account" under CIP? This is not a gift card; the consumer can reload every day up to certain limits. The consumer must reload at our bank or via direct deposit. Would this be considered "establising a formal banking relationship"?

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BSA/AML/CIP/OFAC Forum
#1833931 - 07/18/13 12:17 PM Re: Reloadable prepaid card and CIP fmb
Bank Angler Offline
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Bank Angler
Joined: Apr 2004
Posts: 461
Just a short drive from Lake E...
Yes it would.
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