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Cash to Buy Cashier's: Monetary Instrument Records

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Question: 
Customer uses $3,500 cash in part to buy a $13,000 cashier's check. Is this supposed to go on the Monetary Instrument records? Does the rule (3000 - 10,000) apply to the cash used or the check total?
Answer: 

The cash transaction is what is recorded. For example, if the cashier's check amount is $2995 and a $10 fee is added, if the whole purchase is completed with cash, the amount is $3,005 and the record keeping requirement has to be complied with. In your hypothetical case, the $3500 amount triggers the requirement.

First published on BankersOnline.com 11/12/12

First published on 11/12/2012

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