Question:
I have a long time domestic customer who ships to St. Croix (US Virgin Islands). The customers on the Island pay the owner of the company directly to a personal account he maintains at a bank on the Island. Once the funds clear, the owner writes a check from his personal account from the bank he maintains on the island to his domestic company's commercial account he maintains with us. My question is the bank in St Croix is saying that he can no longer accept checks from his customers and transfer the funds from his personal account on the Island to his commercial account here. The Island bank says that there is a law from the 1800's that does not allow this. Can you please explain to me what the risks are with this type of transaction?