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#2141857 - 08/14/17 02:04 PM Converting a check to a Monetary Instrument
LSmith Offline
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LSmith
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A non-customer business sends an employee in with an on-us $8000.00 check made payable to a business. They want an Official Check made payable to the business for the check.

We show Runner and Business name as remitter; however, runner does not know the Tax ID # or other information about the business to collection. Cash is NOT involved. We can obtain Photo ID of Employee, SS#, etc., but not on the business.

What information are we required to obtain on the business?

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#2141863 - 08/14/17 02:52 PM Re: Converting a check to a Monetary Instrument LSmith
rlcarey Online
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rlcarey
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Galveston, TX
What ever you want too - why you would do this for non-customers is the real question. I hope you charge a hefty fee.
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#2141892 - 08/14/17 04:14 PM Re: Converting a check to a Monetary Instrument LSmith
LSmith Offline
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LSmith
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The check is written on our customer. We have to honor their check. We do charge a fee, but probably not enough

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#2141900 - 08/14/17 04:44 PM Re: Converting a check to a Monetary Instrument LSmith
Timeline Offline
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You don't have to honor the check if the business the check is written to doesn't have an account with you.

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#2142165 - 08/15/17 08:28 PM Re: Converting a check to a Monetary Instrument LSmith
madukes Offline
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madukes
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Flyers Country

We used to do that when I was working in a branch about 20 years ago but the payee had to have their endorsement guaranteed by their bank on the back of the check in order for us to do a cashier's check exchange.

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#2142191 - 08/15/17 10:53 PM Re: Converting a check to a Monetary Instrument LSmith
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
Quote:
A non-customer business sends an employee in with an on-us $8000.00 check made payable to a business. They want an Official Check made payable to the business for the check.


Life is hard and then you die...

This is a lousy banking practice with nothing to recommend it. It's a foolish improvisation that banks began when they stopped "certifying" customer checks. If the payee wanted a cashiers check he should have asked your customer for a cashiers check, not you.
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