What is required to safely store other people’s money?
Payments
Asked by Question Bot06/Jan/20161 answer
1 Answer
The legal depository for money is banks and will always be banks. As a money transmitter you're allowed to touch the money, but the money must still reside in a bank.
When I cite that as a money transmitter you can touch the money, implies, that as a financial intermediary, the money can be collected in cash (as retail locations) or be channeled through your (money transmitter's) bank account.
The law is what it takes to store other people's money.
When I cite that as a money transmitter you can touch the money, implies, that as a financial intermediary, the money can be collected in cash (as retail locations) or be channeled through your (money transmitter's) bank account.
The law is what it takes to store other people's money.