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#59575 - 02/06/03 03:44 PM Patriot Act
HR Banker Offline
Diamond Poster
Joined: Oct 2002
Posts: 1,027
An elderly couple in our area always pays their insurance by money order. Their insurance company told them they will no longer be able to accept money orders or Cashier's Checks as payment because of the Patriot Act. Can anyone tell me if or where the Patriot Act prohibits the use of money orders and Cashier's Checks?

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#59576 - 02/06/03 04:07 PM Re: Patriot Act
WildTurkey Offline
Platinum Poster
Joined: Jan 2003
Posts: 921
Down South, USA
I'm not aware that it does, so I'd guess that the insurance company thinks that it will be easier to ensure their own compliance with the Patriot Act by not accepting them.
This is my opinion; it is not legal advice, nor the view of my employer, and it may change tomorrow.

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#59577 - 02/06/03 04:10 PM Re: Patriot Act
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
Unless I'm missing something, I think the insurance company is blowing smoke (or smoking an illicit substance). I'm not aware of any reason not to accept money orders or cashier's checks in payment for insurance premiums.

The insurance company may have concerns with accepting large payments (single premium annuities, etc.) because they might have CTR filing requirements, but I don't see the issue with garden-variety payments.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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