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Frequently Asked Questions
What types of MSBs do you work with?
Generally, our focus is on established retail, storefront, check cashing operations that have related agency services such as wires, money orders, bill payments, etc. We also handle money order issuance for those with the proper licensing. These services are provided in certain states and cities throughout the U.S. If we are not currently servicing your area, please check back as we add service areas as time permits.
Do you work with foreign corporations?
Not at the current time. Although our clients may have foreign ownership, there must be a U.S. domiciled presence.
Do you work with cryptocurrencies?
Some of our clientele have ATMs and the ability to accept cash for digital currencies. However, this activity is only on an agency basis and Republic Bank does not handle accounts directly for digital wallet holders or digital currency exchanges. However, please feel free to submit your contact information in case this position changes in the future.
How about alternative lenders?
We handle treasury services for most types of lenders although our support is only for those operating under the state model. In addition, short-term, single-pay products are no longer a focus for the MSB Division.
The bank is looking to support domestically originated small-dollar wire transfer providers but only to certain countries of receipt. The number of these remittance countries is expected to increase over time so please check back if we are not able to accommodate your company at this time.
MSB and related accounts are subject to approval. Please give us a call to ask how to start this process of forming a relationship with Republic Bank of Chicago.