Third party deposits have historically been viewed by the financial services industry and its regulators as being highly susceptible to acts of fraud and money laundering and are therefore strongly discouraged and, in most instances, rejected by MEXEM.
In the case of deposits made by check, MEXEM will not accept any checks which require endorsement to MEXEM and will only accept deposits via check which have MEXEM as the direct payee where the party who writes the check either:
- Has the same last name as the individual account holder (e.g.; spouse or, child); or
- In the case of organization/institution accounts, maintains an affiliation with the account (e.g.; owners).
In the case of electronic transfers (Wire, ACH or EFT) account holders should note that MEXEM reserves the right to reject any third party deposit. Large deposits or those that are frequent in nature are most susceptible to compliance inquiry and/or rejection.
In accordance with its regulatory obligations, MEXEM may conduct additional due diligence on customer deposits, particularly deposits from anyone other than the account holder.