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#2024644 - 07/02/15 10:32 AM Cash sales of monetary instruments
Elwood P. Dowd Offline
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What are your institution's policies on the sale of monetary instruments for cash?
Cash sales of monetary instruments
single choice


Votes accepted starting: 07/02/15 10:32 AM
You must vote before you can view the results of this poll.
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#2024648 - 07/02/15 11:23 AM Re: Cash sales of monetary instruments Elwood P. Dowd
edAudit Offline
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edAudit
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(other) We do not issue M/I or accept cash as we are a non-FDIC wholesale branch.
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#2024734 - 07/02/15 03:51 PM Re: Cash sales of monetary instruments Elwood P. Dowd
BFrame Offline
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BFrame
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USA
(other)
We sell Money Orders to customers & non-customers.
We sell Cashier's Checks to customers only.
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#2025004 - 07/03/15 01:56 PM Re: Cash sales of monetary instruments BFrame
Cape Codder Offline
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(other) we only sell to customers, but that includes non-deposit customers (e.g., safe box/loan customers). Sales to non-deposit customers involve more recordkeeping requirements.
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#2025297 - 07/06/15 02:41 PM Re: Cash sales of monetary instruments Elwood P. Dowd
Matt_B Offline
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A CU, Where Regs Don't Apply
Customers only, thanks to being a CU, that's not a choice we're able to make. (or I'm sure we'd sell to anyone that was prepared to pay the fee!)
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#2025350 - 07/06/15 05:06 PM Re: Cash sales of monetary instruments Matt_B
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The psych ward
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#2025353 - 07/06/15 05:08 PM Re: Cash sales of monetary instruments Elwood P. Dowd
JWills, CRCM Offline
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JWills, CRCM
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The Mitten State
We sell to both, however we do require customers to deposit cash into their accounts and then withdraw for the purchase.

I wish we didn't to sell to non customers. Would make my BSA officer a lot happier.
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#2025371 - 07/06/15 05:53 PM Re: Cash sales of monetary instruments Elwood P. Dowd
Little Miss BSA Offline
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Little Miss BSA
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Miami
Voted other because although we do only sell to deposit holders and we do require them to deposit cash first and then debit the account - the only monetary instruments we sell are cashiers checks...we no longer sell money orders or travelers checks
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#2025389 - 07/06/15 06:30 PM Re: Cash sales of monetary instruments Elwood P. Dowd
SmallBank2 Offline
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Same as Cape Codder:

(other) we only sell to customers, but that includes non-deposit customers (e.g., safe box/loan customers). Sales to non-deposit customers involve more recordkeeping requirements.

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#2025475 - 07/06/15 09:45 PM Re: Cash sales of monetary instruments Elwood P. Dowd
MHuff Offline
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Joined: Nov 2006
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LA
Same as Cape Codder: We sell to customers only, including non-deposit customers. For deposit customers, cash is deposited into their account first.
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#2025540 - 07/07/15 01:54 PM Re: Cash sales of monetary instruments Elwood P. Dowd
AnnRoy Offline
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AnnRoy
Joined: Jun 2002
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South
Other - We only sell cashier checks and the practice is to sell to customers only BUT the sale of a cashier check to a non-customer is allowed upon prior approval of bank mgmt.
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#2025628 - 07/07/15 04:29 PM Re: Cash sales of monetary instruments AnnRoy
Elwood P. Dowd Offline
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Thank you. smile

The combination of selling to customers and non customers alike, but requiring deposit customers to deposit the cash was unexpected. Currently, responses indicate that 48% sell only to deposit customers and 28% require purchasers to deposit the cash (which presumes they are deposit customers).

Cape Codder's notation is critical; record retention requirements evolve based on whether the purchaser has a deposit account, not whether he or she is a "customer":

(1) If the purchaser has a deposit account with the financial institution:

[abridged]

(2) If the purchaser does not have a deposit account with the financial institution:

[abridged]


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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#2026364 - 07/09/15 08:21 PM Re: Cash sales of monetary instruments Elwood P. Dowd
BSA Aficionado Offline
Member
Joined: Feb 2013
Posts: 98
Other - Sale of official checks and money orders are to depositors only. We limit the sale of traveler’s checks to non-depositors to $2,000 daily.

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#2026631 - 07/10/15 07:46 PM Re: Cash sales of monetary instruments Elwood P. Dowd
ComplianceGurl, CRCM Offline
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Joined: Jul 2007
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We sell monetary instruments to deposit and loan customers only.

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