What are your thoughts about offering this product to MSB customers ? There are risks involved of course.........need some help........please give opinions.

Thanks

As long as you have the proper internal controls in place for RDC, what difference is there really between in person deposits and RDC for an MSB??

At a recent gathering of regulators, lawyers, and bankers in N. Texas, the general consensus was that this is not a good idea.

The difference between in-person and RDC deposits is that when they give me the physical check, I keep it. With RDC, they scan the check and keep it themselves. MSBs are already high risk customers...why offer them a high risk product as well?

I personally won't allow it. Just not worth the aggrevation.

I guess I was assuming that you meant image capture and not ACH conversion. I would agree that if you are contemplating ACH conversion, I would not do it.

Besides MSB's what other types of business do you regard as non acceptable industries for RDC.

If you are talking about ACH conversions, any type of high risk customer in which you want to actually look at their deposits items for monitoring purposes.

Found out that legal asks that we do not sell the product to MSBs, Pawn Shops, consumers (business only), and a few other "higher risk" customers.