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#582928 - 07/13/06 03:43 PM Cash advances
marybrewster Offline
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marybrewster
Joined: Jul 2005
Posts: 235
Performing on a stage somewher...
Our bank performs cash advances on customers credit cards for a small fee. Should we also be extedning this courtesy to NON-customers as well? Are we required to do so? We use Elan' as our cash advance machine. The question arose when a NON-customer with an out-of-state license wanted to do a cash advance for $6000.00.
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General Discussion
#582929 - 07/13/06 03:54 PM Re: Cash advances
mck401 Offline
Diamond Poster
Joined: May 2006
Posts: 1,168
Texas
I'm not aware of any regulatory issues. All previous banks that I have worked with had this service for customers and non customers alike, however we did not charge a fee. There was a daily limit of $5000 for non-customers and ID had to match the card name.
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#582930 - 07/13/06 03:58 PM Re: Cash advances
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
You need to look at your contract with VISA/MC that you entered into when you began processing cash advances - Everyone of them that I have seen require you to process cash advances for any consumer holding their (VISA/MC) logoed card and further, they have always forbid the FI from charging a fee for process the cash advance. There is generally a maximum cash advance amount that you must process to (ours is also $5k) but you can certainly process higher amounts.
I would recommend either finding your contract, or contacting your processing rep.
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#582931 - 07/14/06 05:34 PM Re: Cash advances
marybrewster Offline
100 Club
marybrewster
Joined: Jul 2005
Posts: 235
Performing on a stage somewher...
Thank you both for the advice and the info.

I found our bank's contract and found that A)our bank cannot charge a service fee to non-customers or customers B) The daily credit advance for customers is up to $5000.00. C) We MUST process cash advances for non-customers and D) We (the bank) have the right to set a daily limit for non-customers.

Interesting stuff!
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Mary Brewster: The Official Drag Queen of Bankers Online.

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