How Can I Get a Money Service Business Bank Account?
If you’re asking yourself this question, I can hazard a few guesses about what problems your Money Service Business is currently facing:
- Your bank has notified you that your bank account will be closed
- One or more of your banks have closed your bank accounts without any notification or reason
- None of the banks you’ve gone to are willing to let you open a bank account for your MSB
You would be surprised at how common this is and how many money services businesses have been stranded with no accounts to use for their services. It does not matter whether you are a new MSB business or an old established one, maintaining an MSB bank account is becoming more and more difficult every day. Over the past few years, regulation and oversight have increased, often resulting in more friction and less efficiency when dealing with money service businesses.
De-risking and other factors have led banks to become over-cautious which makes them afraid to deal with ANY business that has anything to do with transferring money from one location or person to another. Whether you are a licensed money service business or not has no bearing on a bank’s decision to not bank your MSB. This can often lead to frustration and loss of revenue for businesses like you.
We Understand that Your Business Revenue is Suffering
Banks perceive a money service business to be high-risk and this blinds them enough to refuse
You need a Money Service Business Bank Account But Banks are not Willing to Work with You – What is the Solution?
Here are some options:
- Plead with every single bank in the country until a miracle happens
- Shut down your business
- Or let us help you
How Can We Help Your Money Service Business get a Bank Account?
This page was last updated on October 4, 2022.