WHAT IS MIL?
What is the amount that the member gives you when a MIL is needed?
$3,000.00 to $10,000.00 in cash.
EXAMPLE: MEMBER BRINGS YOU $2500 CASH TO COMPLETE A CASHIERS CHECK FOR $400 DO WE NEED A MIL?
NO
WHAT IS THE SERIAL NUMBER?
THE CASHIER CHECK SERIAL NUMBER.
DO WE SCREEN MBR THROUGH OFAC FOR $2850.00
NO !
Can non-member purchase a cashier check?
Nope!
EXAMPLE: MEMBER BRINGS YOU $3500 CHECK TO COMPLETE A CASHIERS CHECK FOR $4000 DO WE NEED A MIL?
NO
WHO IS THE PURCHASER AND WHO IS THE PAYEE?
THE PURCHASER IS WHO GAVE YOU THE CASH FOR THE CASHIER CHECK (MEMBER).
THE PAYEE IS WHO THE CASHIER IS MADE OUT TO.
Why do we complete a MIL?
To comply with BSA standards.
EXAMPLE: MEMBER BRINGS YOU $2800 CASH AND A $2600 CHECK TO COMPLETE A CASHIERS CHECK FOR $5000 DO WE NEED A MIL?
NO
WHAT DOES CASH VALUE MEAN?
IT IS HOW MUCH THE MEMBER GAVE YOU FOR THE CASHIER CHECK.
WHAT INFORMATION DO YOU NEED TO COMPLETE A MIL?
HINT: THERE ARE 5 PARTS
1.SERIAL NUMBER
2. INTRUMENT TYPE
3. PURCHASER
4. CASH VALUE
5. NON- CASH VALUE
EXAMPLE: MEMBER BRINGS YOU $2000 CASH TO DEPOSIT, UPON PULLING UP MEMBERS ACCOUNT YOU SEE A DEPOIT DONE AT THE ATM FOR $1800 TO COMPLETE A CASHIERS CHECK FOR $3800 DO WE NEED A MIL?
3 PART ANSWER
1. CALL 5600 TO VERIFY ATM DEPOSIT
2. IF CASH WAS DEPOSITED YES MILL IS NEEDED
3.IF DEPOSIT WAS CHECK MADE AT ATM THEN NO MILL IS NEEEDED.
WHAT IS NON-CASH?
WHEN THE CASH