Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 6 - Interpretive Rulings
Section 20 CSR 1140-6.057 - Check Guaranty Services

PURPOSE: The comptroller of the currency has authorized national banks to engage in check guaranty services for their own customers. To the extent the state-chartered banks do not have the same power, they are at a competitive disadvantage. These services, whether offered to the bank's customers or to others, appear to be among the incidental powers granted to banks. This rule authorizes state-chartered banks to engage in check guaranty services.

State-chartered banks, directly or through a subsidiary, may authorize a subscribing merchant to accept personal checks tendered by the merchant's customers in payment for goods and services, and purchase from the merchant validly authorized checks that are subsequently dishonored.

*Original authority: 361.105, RSMo 1967; and 362.105.3 and 362.105.11 , RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986.