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#444543 - 10/20/05 07:47 PM Can non-customers buy cashiers checks?
BBoyd Offline
Diamond Poster
BBoyd
Joined: Mar 2002
Posts: 2,494
MI
Do any of you have a policy about non-customers purchasing cashiers checks? Will you allow the purchase with cash? With checks in collected funds on your bank only? Not at all?
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General Discussion
#444544 - 10/20/05 07:57 PM Re: Can non-customers buy cashiers checks?
Anonymous
Unregistered

Our policy states that we will not sell any monetary instruments to non-customers. It also states that we will not do any wire transfers for any non-customers.

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#444545 - 10/20/05 08:09 PM Re: Can non-customers buy cashiers checks?
Anonymous
Unregistered

Sure, we sell MI to non-customers. CCs are $4 each. However, then we must check our MITR against the bi-weekly 314a list.
We do not wire for Non-customers.

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#444546 - 10/20/05 08:42 PM Re: Can non-customers buy cashiers checks?
P*Q Offline

Power Poster
P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Quote:

Our policy states that we will not sell any monetary instruments to non-customers. It also states that we will not do any wire transfers for any non-customers.


The only monetary inst. we sell to non-customers are travelers checks, not money orders or treasurer checks.

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#444547 - 10/20/05 08:52 PM Re: Can non-customers buy cashiers checks?
Anonymous
Unregistered

No we do not. I always thought it was because we have some "cashless" branches. It may also have to do with the complications of replacing them (surety bonds and so forth). Other MI we do sell to noncustomers.

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#444548 - 10/20/05 09:37 PM Re: Can non-customers buy cashiers checks?
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
We will sell up to $1,000 in money orders or traveler's checks to non-customers with proper ID. We will not sell a cashier's check to a non-customer.
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#444549 - 10/21/05 02:01 PM Re: Can non-customers buy cashiers checks?
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
No monetary instruments are sold with cash in any amount. In very limited circumstances, with a good reason and appropriate approval and exception may be made IF documented
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#444550 - 10/21/05 02:48 PM Re: Can non-customers buy cashiers checks?
SMQ, CRCM Offline
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SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
No, we do not sell to non-customers. I am curious though about the comment on checking against the 314 list. Do you keep this information in electronic form?
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#444551 - 10/27/05 07:56 PM Re: Can non-customers buy cashiers checks?
I_luv_chocolate Offline
Member
I_luv_chocolate
Joined: Aug 2005
Posts: 61
Washington State
Money order Yes, Cashier's check, No.
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#444552 - 10/27/05 08:13 PM Re: Can non-customers buy cashiers checks?
Raiderette Offline
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Raiderette
Joined: Nov 2004
Posts: 1,316
New Mexico
Quote:

Our policy states that we will not sell any monetary instruments to non-customers. It also states that we will not do any wire transfers for any non-customers.



This goes for our bank as well.
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#444553 - 10/27/05 09:11 PM Re: Can non-customers buy cashiers checks?
cheekEE Offline
Power Poster
Joined: Jun 2005
Posts: 4,594
Easy Street
We would sell money orders to non-customers, but we made the fee so high that none of them wanted to buy one.
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#444554 - 10/27/05 09:40 PM Re: Can non-customers buy cashiers checks?
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Our BSA policy will likely soon restrict the sale of negotiable items to customers only. We currently limit the sale to items under $3k so we don't have to mess with MIPLs.
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#444555 - 10/28/05 01:35 AM Re: Can non-customers buy cashiers checks?
Banker Boy Offline
Member
Banker Boy
Joined: Oct 2003
Posts: 69
Florida
We do not sell any negotiable instruments to non-customers.

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#444556 - 10/28/05 11:25 AM Re: Can non-customers buy cashiers checks?
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
I'm not certain this is responsive, but the new BSA Examination manual makes pretty specific suggestions regarding check sales:

Banks selling monetary instruments should have appropriate policies, procedures, and processes in place to mitigate risk. Policies should define:
Acceptable and unacceptable monetary instrument transactions (e.g., noncustomer transactions, monetary instruments with blank payees, unsigned monetary instruments, identification requirements for structured transactions or the purchase of multiple sequentially numbered monetary instruments for the same payee).
Procedures for reviewing for unusual or suspicious activity, including elevating concerns to management.
Criteria for closing relationships or refusing to do business with noncustomers who have consistently or egregiously been involved in suspicious activity.


If I was going to the trouble to reduce all of the above to writing, I would also address the issue of verifying available funds and perhaps instructing the employee to draw the transaction to the attention of a supervisor if the amount of the check exceeds the average balance in the account.
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#444557 - 11/17/05 11:29 PM Re: Can non-customers buy cashiers checks?
Anonymous
Unregistered

The MITR information is not in electronic form. The teller supervisors check the 314a list against the MITR log every two weeks or when they receive the 314a listings. There are so few monetary instruments sold for cash between $3M-$10M, it is pretty easy to check the MITR for any unlikely matches.
Within the context of selling monetary instruments to non-customers, the 314a lists only have to be checked against $3M-$10M cash items.
We don't do wire-transfers for non-customers so those don't have to be checked with the 314a lists......because we do the 314 check accross the whole customer database, so we only have to worry about those pesky monetary instrument purchases.


Quote:

No, we do not sell to non-customers. I am curious though about the comment on checking against the 314 list. Do you keep this information in electronic form?



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