5 thoughts on “Hurdles in Accessing Banking Services

  1. There’s something missing from the adult business example, there must be. Seems like quite a stretch that anyone would apply bank fraud regulations under 18 USC § 1344 to an entity that marginalizes its involvement in an industry that represents “moral” risk more than anything, so they can obtain banking. If this example is wholly accurate, the scope of the definition being granted to the term “defraud”, for the purposes of prosecutions is, in a word, frightening.

  2. Great article. I’ve also seen amongst many clients, that access to Banking Services for legit MSB/MTL companies is now becoming a huge issue by itself. Even Foreign Banks have a pretty difficult time opening a Nostro account (the likes of SCB, HSBC, Deutsche Bank, JPMC, BOA, etc.) are now literally flatly refusing to do business with MSB/MTL companies or Foreign banks.

    What is the way around this? There should be a list that should be compiled for banks that are willing to do business with MSB companies.

      • Thank you. Appreciate you sharing. I’m having someone call me later today and let me know of a couple of banks that might be MSB friendly. Will share those names with you. For who knows it might help someone else.

  3. I thought bank discontinuance was simply a matter of banks choosing not to provide operating accounts for “small MSB’s” due to their labor intensive servicing requirements and minimal daily balances. I’ve read many letters from banks to my clients giving us 30 days to find a new bank.

    Howeve, today my client with 30+ check cashing stores in a single state received “the letter.” Panic…

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