Cash sales of monetary instruments

What are your institution's policies on the sale of monetary instruments for cash?

(other) We do not issue M/I or accept cash as we are a non-FDIC wholesale branch.

(other)
We sell Money Orders to customers & non-customers.
We sell Cashier's Checks to customers only.

(other) we only sell to customers, but that includes non-deposit customers (e.g., safe box/loan customers). Sales to non-deposit customers involve more recordkeeping requirements.

Customers only, thanks to being a CU, that's not a choice we're able to make. (or I'm sure we'd sell to anyone that was prepared to pay the fee!)

^^^
What he said

We sell to both, however we do require customers to deposit cash into their accounts and then withdraw for the purchase.

I wish we didn't to sell to non customers. Would make my BSA officer a lot happier.

Voted other because although we do only sell to deposit holders and we do require them to deposit cash first and then debit the account - the only monetary instruments we sell are cashiers checks...we no longer sell money orders or travelers checks

Same as Cape Codder:

(other) we only sell to customers, but that includes non-deposit customers (e.g., safe box/loan customers). Sales to non-deposit customers involve more recordkeeping requirements.

Same as Cape Codder: We sell to customers only, including non-deposit customers. For deposit customers, cash is deposited into their account first.

Other - We only sell cashier checks and the practice is to sell to customers only BUT the sale of a cashier check to a non-customer is allowed upon prior approval of bank mgmt.

Thank you.

The combination of selling to customers and non customers alike, but requiring deposit customers to deposit the cash was unexpected. Currently, responses indicate that 48% sell only to deposit customers and 28% require purchasers to deposit the cash (which presumes they are deposit customers).

Cape Codder's notation is critical; record retention requirements evolve based on whether the purchaser has a deposit account, not whether he or she is a "customer":

(1) If the purchaser has a deposit account with the financial institution:

[abridged]

(2) If the purchaser does not have a deposit account with the financial institution:

[abridged]

Other - Sale of official checks and money orders are to depositors only. We limit the sale of traveler’s checks to non-depositors to $2,000 daily.

We sell monetary instruments to deposit and loan customers only.