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#2267921 - 03/18/22 09:18 PM Cash back over $10,000
Compliance Action Subscriber 1226 Offline
100 Club
Joined: Sep 2015
Posts: 153
Customer deposited a large check to his account with over $10,000 back in cash - would this be a negotiable instrument cashed - The amount over 10,000 was never deposited to his account

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#2267947 - 03/21/22 02:58 PM Re: Cash back over $10,000 Compliance Action Subscriber 1226
compgal21 Offline
Junior Member
Joined: Jan 2021
Posts: 39
I would list it as a negotiable instrument cashed since it sounds like the funds came from the cashing of the check.

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#2267955 - 03/21/22 03:57 PM Re: Cash back over $10,000 Compliance Action Subscriber 1226
SteveDave Offline
Member
Joined: Aug 2021
Posts: 68
I agree with Compgal21.

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#2268175 - 03/24/22 04:06 PM Re: Cash back over $10,000 Compliance Action Subscriber 1226
SouthernBSA Offline
New Poster
Joined: Jul 2021
Posts: 9
You'll hear differing camps to this though. My boss insists that we code that as a "Withdrawal" since they see it as "cash back on deposit." Apparently an auditor/regulator got on to us for using "Negotiable Instrument Cashed" before. I have argued and argued and even asked our latest auditor his opinion, and he confirmed to me that it's "Negotiable Instrument Cashed." But that's not the way the boss sees it, and I'm going to keep doing it their way because they're the boss.

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#2268179 - 03/24/22 04:54 PM Re: Cash back over $10,000 Compliance Action Subscriber 1226
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,294
Galveston, TX
SouthernBSA - just make sure your CYA file is fully documented, because you are in the by far lesser camp of the two.
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#2268200 - 03/24/22 09:55 PM Re: Cash back over $10,000 rlcarey
SouthernBSA Offline
New Poster
Joined: Jul 2021
Posts: 9
Oh believe me it is. I have a feeling that it will only change when an auditor/regulator tells us we're doing it wrong.

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