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Check Cashing Operations: Any Special Account Requirements?

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Are there any specific requirements, operationally or maintenance-wise, regarding an account for a check cashing operation?

The bank I worked for insisted on a time deposit (usually a CD) in a large amount as a "security" deposit. We had a couple of check cashers who were under suspicion of money laundering, and when the government seizes assets, they don't leave anything behind for any returned items you may get. Your agreement with the check casher should have some indemnification clauses to protect you, too. Hopefully, someone who reads this may have an example!

First published on 3/19/01

First published on 03/19/2001

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