The service to the community with alternative financial solutions relies on an MSB bank account.
Without an MSB bank account, check cashers and money transmitters are left without a way to serve their customers. Spectra Bank’s MSB bank account program makes serving the community possible.
A money service business (MSB) is a provider of any of the following types of services:
- Check cashers
- Issuers of traveler’s checks, money orders, or stores value
- Sellers or redeemers of traveler’s checks, money orders, or stored value
- Money transmitters
- Currency dealers or exchangers
Spectra Bank will need the following documents in order to process your application request:
- Completed Account Application
- Copy of Deed of Trust for location occupied by MSB
- Agency Agreement
- Two Years Personal Tax Returns/Financial Statements
- Two Years Business Tax Returns/Financial Statements
- Past Three Months Bank Statements
- Federal Tax Payer ID Number
- Registration as a Money Services Business (FinCen BSA E-file e-form 107)
- A copy of your AML Program
- Articles of Incorporation
- Assumed Name Certificate
- Partnership Agreement
Refer to the Money Laundering Prevention Guide, Quick Reference Guide or to the Money Service Business website: www.fincen.gov
**MSB application fee will apply.**
**MSB bank accounts are subject to approval.**
**Contact us today for more information and additional requirements.**
