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#561199 - 06/02/06 12:53 PM Accepting checks payable to another business
Susan Rae Offline
Member
Susan Rae
Joined: Aug 2003
Posts: 71
Minnesota
We have a new customer who opened an LLC account with us. He sells life improvement items over the internet among other things. He is pressing our new accounts rep to allow him to deposit checks made payable to Meyers Briggs when the name of his business is something quite different. (We have verified his business on the MN Secretary of State website, however, we did not receive a copy of his corporate documentation.)

The entire situation sounds very suspicious to me. The customer has no other accounts with the bank. He is stating that Avon ladies deposit checks payable to Avon into their accounts, what's the problem. Can someone provide me with some specific guidance on this?

My gut is telling me to tell the customer no, watch the account and possibly, file a SAR.

Thank you.

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Operations Compliance
#561200 - 06/02/06 03:25 PM Re: Accepting checks payable to another business
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Who cares what Avon ladies do (no offense to any) - you're dealing with his situation and you're not comfortable with it- for good reason.
Obviously there are no regs that specifically tell you can't do as he is requesting, but to ensure that everyone is on the same page - are they ready to accept checks payable to another company into an account and run the risk of return for forged endorsement down the road for someone that they don't know?
As a brand new customer you have no history or understanding of what he's doing - stick to your guns - besides as many as I spent in the teller line I seem to remember Avon checks were always made payable to Mary Smith with Avon in the memo section - whatever.
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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#561201 - 06/02/06 03:39 PM Re: Accepting checks payable to another business
Susan Rae Offline
Member
Susan Rae
Joined: Aug 2003
Posts: 71
Minnesota
Thanks, TexTrainer. I'll stick to my guns.
Susan

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#561202 - 06/02/06 08:48 PM Re: Accepting checks payable to another business
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
Last I knew, Myers-Briggs (note the spelling) was the name of a pesonality profile test. Why would this character be selling something that sounds like a legitimate test? I would be very leery of this guy. "Life-improvement" sales over the internet sounds an awful lot like a scheme to improve HIS life, perhaps at the expense of his "clients."
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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#561203 - 06/03/06 07:01 PM Re: Accepting checks payable to another business
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
I was wondering about that myself John - when I did a google search for MEyers Briggs - only Myers-Briggs came up -
_________________________
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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