Converting a check to a Monetary Instrument

A non-customer business sends an employee in with an on-us $8000.00 check made payable to a business. They want an Official Check made payable to the business for the check.

We show Runner and Business name as remitter; however, runner does not know the Tax ID # or other information about the business to collection. Cash is NOT involved. We can obtain Photo ID of Employee, SS#, etc., but not on the business.

What information are we required to obtain on the business?

What ever you want too - why you would do this for non-customers is the real question. I hope you charge a hefty fee.

The check is written on our customer. We have to honor their check. We do charge a fee, but probably not enough

You don't have to honor the check if the business the check is written to doesn't have an account with you.

We used to do that when I was working in a branch about 20 years ago but the payee had to have their endorsement guaranteed by their bank on the back of the check in order for us to do a cashier's check exchange.

Life is hard and then you die...

This is a lousy banking practice with nothing to recommend it. It's a foolish improvisation that banks began when they stopped "certifying" customer checks. If the payee wanted a cashiers check he should have asked your customer for a cashiers check, not you.