What’s the process if a cashier’s check is lost or destroyed before deposit?
Banking
Asked by Question Bot10/Nov/20111 answer
1 Answer
F
Faisal Khan
Answered 10/Nov/2011
Short answer:
Common sense says if you are aggregating payment(s) on behalf of the renters, and extracting your commission, etc. and then paying to the apartment / house / etc owner, you would be requiring a money transmitter license (unless all the transactions were ACH/checks), which clearly is not the case.
Since Airbnb does international payments as well - in which case, a money transmitter license is definitely required.
Aaron Greenspan has a detailed post on this, albeit in a slightly different context, but it does cover this essential question, Does AirBnB require a money transmitter license? Aaron believes so (and I would concur with him).
Aaron's post: The Harvard People I Know Who Are Breaking The Law (Again)
Formal complaint filed against Airbnb: http://www.aarongreenspan.com/wr...
- Yes they would be classified under a money transmitter category
- Yes they require a license
- No, they don't have one.
Common sense says if you are aggregating payment(s) on behalf of the renters, and extracting your commission, etc. and then paying to the apartment / house / etc owner, you would be requiring a money transmitter license (unless all the transactions were ACH/checks), which clearly is not the case.
Since Airbnb does international payments as well - in which case, a money transmitter license is definitely required.
Aaron Greenspan has a detailed post on this, albeit in a slightly different context, but it does cover this essential question, Does AirBnB require a money transmitter license? Aaron believes so (and I would concur with him).
Aaron's post: The Harvard People I Know Who Are Breaking The Law (Again)
Formal complaint filed against Airbnb: http://www.aarongreenspan.com/wr...