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cashiers check payable to owner of LLC

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  • September 15, 2020 at 10:30 am EDT #32645
    TheBank
    Participant

    Is a deposited cashiers check payable to the individual who is the owner of an LLC, that is deposited into that owned LLC transaction account considered by 12 CFR 229.10(c)(1)(v)(a) to be deposited in an account held by a payee of the check? The cashiers check states the Remitter is the LLC.

    September 18, 2020 at 1:54 pm EDT #32655
    rcooper
    Member

    I do not think so since the LLC is a separate entity from the consumer. However, if you’re concerned it wouldn’t violate Reg CC to give quicker access to the funds.

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