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#579337 - 07/05/06 04:20 PM Monetary Instrument Logs
CrashDavis Offline
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Joined: Jun 2005
Posts: 283
One of our offices has a customer that purchases official checks, sometime more than one at a time. He request that someone else name be placed as the remitter. The office does not know why. One question should we do business this way? The center then asked whose information do they get for the monetary instrument log? I said the person who is purchasing the check. Is that correct even though his name is not on the check as the remitter?

What is the correct process in this situation?

Thanks in advance for your help.

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#579338 - 07/05/06 04:38 PM Re: Monetary Instrument Logs
MagicCity Offline

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MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
The remitter should be the account holder.
I would not put someone else's name on the check.
And the account holder information also goes on the log.

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#579339 - 07/05/06 05:01 PM Re: Monetary Instrument Logs
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Many times it's a matter of your bank procedures - our procedure is that the purchasers name goes on the instrument as remitter - period.
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#579340 - 07/05/06 06:17 PM Re: Monetary Instrument Logs
MadisonCali Offline
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Joined: Jun 2006
Posts: 2,515
Quote:

Many times it's a matter of your bank procedures - our procedure is that the purchasers name goes on the instrument as remitter - period.




Just out of curiosity, because I'm having issues enforcing this at my new bank...
Are there ever exceptions made for well known customers if the situation is known?
For example...
A business owner buys tickets to a function for his employees, and they won't be accepted if their name isn't the remitter (long story). This said customer does this once a year, every year, for about 30 of his employees.

I'm just having trouble getting the board to understand the risk in situations like this, and would appreciate more comments.

Thanks in advance!
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#579341 - 07/05/06 08:57 PM Re: Monetary Instrument Logs
CrashDavis Offline
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Joined: Jun 2005
Posts: 283
There should not be any exceptions to this rule the way I understand. We have to get our employees to understand the importance of getting all required information.

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#579342 - 07/06/06 07:26 PM Re: Monetary Instrument Logs
Awesome Bill's #1 Fan Offline
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Awesome Bill's #1 Fan
Joined: Mar 2003
Posts: 96
Jackson, Michigan
Our teller software, Vertex, allows us to have two separate fields. The remitter, which appears on the check and the transactor, the individual who is purchasing the check. The transactor information is captured for MIL, the remitter information prints out on the check.

This is convenient when someone owns a business and they want their business name to appear on the check as the remitter, but the business is not really purchasing the check. The business name would appear on the check as the remitter, the teller would take an option to also have a "transactor" and collect information on the individual for the MIL.
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#579343 - 07/06/06 07:44 PM Re: Monetary Instrument Logs
MadisonCali Offline
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Joined: Jun 2006
Posts: 2,515
My old bank had a system like that, too.
I miss it!
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