Posted By: Cher
Client hoarding official checks - 04/26/19 02:05 PM
we have a long time business client who has over $250K in outstanding official items that they have purchased over time. The source of funds is not in question as they were purchased with funds from the business which is an s corp and thus the revenue is reported there. Had they been purchased with cash that would be a different kettle of fish. She said she is holding on them for a rainy day and we have made it clear that she will not be able to exchange those for others when they become stale and escheatable. I do not feel that this is illegal nor deserving of a SAR at this time, but other officers in the organization disagree. I appreciate thoughts from others who may have experienced a similar issue.