We have a potential customer who is looking to move their business with us. The business is a large convenient store who issues money orders. The issue is these are not i.e. western union, money gram type MO's these are in in the name of the business. Beyond the increased potential this might cause with fraud what other issues should i be aware of by having a business issue their own money orders?

Anon2 sez: I wouldn't touch that customer with a 10-foot pole. But I have a low tolerance for weird, unusual practices among my MSBs. Have banked 30+ MSBs, and have never heard of any convenience store - or any other MSB customer - issuing it's own cashier's checks, e.g., Moe's Quick Stop Cashier's Check #98989898 for $5,000. That's just bizarre.

Sorry but that is not the customer. Thank you for the voice of concern. I too have never heard of this.

Anon2 sez: I did a Google search on "convenient store" just now. Google asks: "Did you mean convenience store?" Maybe it's a regional thing. I hear that term - convenIENT store - used all the time. There's just no such critter.

I also have never heard of a store issuing their own Money Orders. It sounds really suspicious and it will be hard to monitor if they are taking in illegal funds and cleaning it with the money orders. If I were a customer buying a Money Order, I would want it from an established name in case I lost it or it got stolen. If the store goes out of business, I am up the creek without a paddle.