Cashing Non-Customer AMEX Traveler's Checks

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Question:

There is an old myth (at least I think it is) floating around my financial institution that because we sell American Express traveler's checks that we are required to cash them for anyone that walks through the door whether or not he or she is a customer. Any thoughts?

Answer:

This should be covered in your agreement with Amex to sell the traveler's checks. The same type of requirement exists for cash advances on credit and debit cards issued by Visa and Mastercard. If it does exist, there is probably a reasonable limit.

First published on BankersOnline.com 1/05/09