There is an old myth (at least I think it is) floating around my financial institution that because we sell American Express traveler's checks that we are required to cash them for anyone that walks through the door whether or not he or she is a customer. Any thoughts?
We are in disagreement on Reg CC. One person reads Reg CC to state that all new account holds should fall off the ninth business day. Someone else reads that as only stating next day items as falling off on the ninth business day and local or nonlocal can be held till the eleventh business day. Which one is correct? Also, is there an exact way to train Reg CC? One trainer trains on a two day hold, counting the day after the deposit is made and then backing up a day for availability. (Deposit made on Monday, count Tuesday, Wednesday the backing up and funds fall off on Tuesday available Wednesday.) Another trainer trains counting the day of the deposit then funds fall off the night of that second day. (Deposit on Monday: count Monday, Tuesday and funds available on Wednesday.) Both outcomes come out the same, but we are wondering if the Reg would lean one way or another.
Can we hold traveler's check? If so, for how long?
What is the retention requirement for cashier's check logs for customer identification?
Question: Is a store which provides an ATM for its customers considered a Money Services Business?
Question: We have a depositor who sells traveler's checks for Travel X.
When a bank customer is writing a check for a traveler's or cashier's check, to whom do they make the check payable?
Can you put a hold on traveler's checks (cheques)? If not, are there any exceptions for depositing them to new accounts?
With all the counterfeit cashier's checks being given, how should we handle verifying that they are good and giving immediate credit on new accounts or for deposit?
Summertime is approaching-the time for vacations, trips, souvenirs...and counterfeit traveler's checks!