We have a customer who comes in weekly to cash the payroll checks for his employees. All endorsements are completed as required and the customer meets all other requirements under the regulation to be exempt.. However, in order to qualify would the customer have to make one withdrawal for cash to pay his employees or can he continue to cash the individual checks? The regulation is not specific in this area so I want to see how others are interpreting it.

Thanks!

You might want to review this thread and then the thread that is also linked.

https://www.bankersonline.com/forum/ubbt...mployees-checks