Recordkeeping for Indirect Monetary Instruments Purchases

Question - I understand that credit unions must record certain information when a member purchases monetary instruments in amounts between $3,000 and $10,000.  My credit union, however, does not allow its members to purchase money orders and traveler's checks directly with cash. We require members first to deposit the cash into their credit union account. We then perform an internal transfer to purchase the monetary instruments. Do we still need to comply with the recordkeeping requirements?

Already a member? Log in

Members Get More

This page contains member-only content.

Membership is open to all federally insured credit unions in the United States, both federally and state-chartered. Members enjoy:

  • Hundreds of articles and resources
  • Personalized compliance assistance
  • Discounts on top-rated education opportunities
  • Member-only benefits and savings

Interested? Schedule a Customized Membership Webinar

If you are already logged in and believe you should have access to member-only content, please contact us for assistance at info@americascreditunons.org.