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#2212506 - 04/30/19 08:33 PM Purchase of cashier chech
elebra Offline
100 Club
Joined: Apr 2009
Posts: 106
Who should checks be written to purchase cashier checks? Payable to the bank or payable to person purchasing the cashier check?

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Operations Compliance
#2212514 - 04/30/19 09:54 PM Re: Purchase of cashier chech elebra
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,403
Payable to the bank. The customer is purchasing a negotiable instrument.

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#2212518 - 05/01/19 12:59 AM Re: Purchase of cashier chech elebra
BrianC Online
Power Poster
Joined: Nov 2004
Posts: 6,427
I disagree. A dishonest business employee can make checks payable to the bank telling their employer that they are making loan payments and instead purchase cashier's checks and a good lawyer will sue the bank for being culpable in not applying the checks appropriately to the business' loan.

If your customer wants to purchase a cashier's check they either make their check payable to cash or to themselves. Even better, have a separate ticket/trancode for a monetary instrument purchase which requires a customer/authorized signer signature.
Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!

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#2212538 - 05/01/19 01:12 PM Re: Purchase of cashier chech elebra
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,602
Pulling people out of the ditc...
agree with Brian, we use a separate tran code for these
Providing alternative truths since the invention of time

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