We cash payroll checks for one of our business customers. The employees of this company are not our customers. Do we need to do an OFAC screen on each of these workers when they come to our bank to cash their payroll checks?
Are Savings bonds considered a monetary instrument under the BSA?
I had a call today from a reporter for a major U.S. newspaper. He wanted to know if there was nationwide activity on counterfeit official checks.
I need to have a cashier's check to pay a legitimate debt and I was told by the girl in the bank to make 2 or 3 different checks under $10,000.00 and wait a few days between them. Why should or shouldn't do this and why did she tell me to wait a few days between them and how many days are a few?
We are receiving Security Alerts daily regarding counterfeit cashiers checks. Would this fall into the exception reason of "Reasonable cause to doubt collectibility" for out of state cashier's checks deposited to our customers accounts where we can place extended holds on these checks?
Recently, I called another bank to see if a check that my customer had would clear on the account drawn at their bank. They told me that due to privacy laws they could not give me that information. All I needed was to give them the amount of the check and for them to say yes or no on whether or not it would clear. Does the new privacy law really prevent from a bank from being able to call to see if a check will clear?
Your depositor comes in with a $6,000 Cashier's check drawn on an out-of-state bank. The check is payable to him.
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?
The trend in automated teller machine use these days is to find ways to use the machines to offer more bank services or to market those that are available.