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#908528 - 02/21/08 09:36 PM Cashing SSI Checks
ComplianceGurl, CRCM Offline
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Joined: Jul 2007
Posts: 497
Are banks obligated to cash SSI checks for non-customers? It seems like I read something in the past and am just looking for a confirmation.
Thanks!!

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#908832 - 02/22/08 03:53 PM Re: Cashing SSI Checks ComplianceGurl, CRCM
texasbanker123 Offline
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Joined: Jan 2008
Posts: 27
i believe so, for the same reasons that we are required to cash and sell savings bonds. but i'm not sure.

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#908975 - 02/22/08 05:10 PM Re: Cashing SSI Checks texasbanker123
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,389
Cheeseheadland
No, you are not required, from a federal level at least, to cash any check issued from the treasury.

If you choose to cash these checks for non-customers, you may even choose to apply your own form of CIP as you wish, determine what you will consider as acceptable ID, and even charge a fee for doing so if you want.
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#909319 - 02/22/08 09:54 PM Re: Cashing SSI Checks #Just Jay
ComplianceGurl, CRCM Offline
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Joined: Jul 2007
Posts: 497
Thank you very much!!

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#909322 - 02/22/08 10:03 PM Re: Cashing SSI Checks ComplianceGurl, CRCM
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,333
Cape Cod
Just be sure that your state law doesn't require you to cash these checks. At least one liberal-leaning state has a law requiring the cashing of such checks for customers and non-customers, provided that the non-customers must register for the service at a nominal fee and provide adequate ID. That law only applies to state-chartered banks in the state.

Check your state's statutes.
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#909325 - 02/22/08 10:05 PM Re: Cashing SSI Checks John Burnett
John Burnett Offline
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John Burnett
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Cape Cod
Did I mention that the liberal-leaning state is on the east coast and separates Vermont and New Hampshire from Connecticut and Rhode Island?
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#911428 - 02/27/08 06:09 PM Re: Cashing SSI Checks John Burnett
ComplianceGurl, CRCM Offline
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Joined: Jul 2007
Posts: 497
Ok..you've given me a reason I'm glad I live in Michigan (in the winter)!! Thanks!

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