Money Service Businesses
The Money Service Business (MSBs) plays a vital role in our global economy by providing businesses and individuals’ access to cash through such services as:
- Cashing checks
- Issuing and selling travelers’ checks and money orders
- Transmitting money across the globe
- Issuing and selling stored value cards
- Exchanging and dealing in currency
And yet, MSBs are subject to tighter regulatory controls often making it difficult to find a bank prepared to meet the specific needs of the MSB. At First Midwest, we welcome your MSB and have dedicated resources to service your unique needs. We are committed to working with you and providing you with peace of mind in the long-term.
Our Money Service Business Program works seamlessly within a holistic cash management solution. Reviewed by federal regulators, our program provides MSB owners with the tools necessary to keep accounts in compliance with federal regulations such as the Bank Secrecy Act (BSA) and USA PATRIOT Act.
For more information on financial solutions for your MSB, call us today at 800-322-3623 and we’ll connect you with a First Midwest Business Banker.