[jamaicabound]

I imagine this will probably only make any sense to maybe a few people if you work in banking or run a business that has trouble banking. Certain industries like owning ATM machiens, check cashing, etc have a very hard time getting bank accounts, many of these industries are considered high risk since 911 with all the crazy money laundering and compliance rules put in place since then. I was wondering if anyone works in any of these industries or works within the banking industry themself if someone may be able to share what banks are MSB friendly or if you work with a bank which is feel free to pm me directly.

[monster]

What is MSB?

[jamaicabound]

(10-20-2014 05:43 PM)monster Wrote:  

What is MSB?

MSB stands for money services business. Basically atm machine operators, check cashers, bitcoin busineses, etc all fun under the MSB umbrella. Ever since 911 and patriot act and all that banks are supposed to pay special attention to these accounts so most banks have just stopped doing them. The few that do charge $500-$700 a month for these accounts if you can even get one. It makes banking for entire industries almost impossible.