Uncashed Cashier's Checks and Money Orders

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Question:

What are the ongoing responsibilities on uncashed Cashier's Checks and Money Orders? What information is required for checking these monthly? We were told that we had to run them against OFAC.

Answer:

I have never heard of a requirement to check these against OFAC on a monthly basis. If they remain outstanding, then the only concern is escheating them to the State in the required timeframe.

First published on BankersOnline.com 4/25/11