We have members who sometimes want to cash a check without it having run through their account. This transaction is then omitted from the member's statement. We are using XP2: If you search by member number, the check cashing transaction does not appear. You have to do a search by the individual's history to see the transaction. Patriot Officer has been excellent in aggregating by individual and reporting it on CTRs. I am working to get this practice changed so that all check cashing transactions are run through the membership (not just by individual) and thus, reported on the monthly statement. In lieu of this, I think that if members demand that the check is cashed without running through the account, that this would trigger a SAR filing. I'm thinking there are other regulations we could potentially be in non-compliance, maybe something along the lines of statement disclosures.
August 10, 2015 - 1:07pm
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