Publix Money Services Flashcards

Questions and Answers

What are the four types of money services? (Select all that apply)

Check cashing (correct)

Gift cards (correct)

Western Union Money transfers (correct)

Money orders (correct)

When do you complete an EMST form?

Any time you perform single or combination of money service transactions worth $3000 or more within the same business day.

What are the five steps to completing a pre-transaction disclosure statement?

Print PDS and hand to customer 2. Allow customer to review and answer questions 3. Acknowledge agreement in WUPOS 4. Collect payment 5. Ensure customer takes PDS with receipts.

What should be brought to customers' attention on the DODD-FRANK transaction?

Receiver's name, payout location, transfer fees, exchange rate, and payout amount. Signup and view all the answers

How should you recognize and handle transactions with red flags?

Deny the transaction or involve a manager. Signup and view all the answers

What is the PDS form (DODD-FRANK)?

A disclosure for money transfers sent outside the U.S. for any transaction $15 or greater. Signup and view all the answers

Explain the exchange rate for another currency on the PDS form.

The exchange rate may not be fixed at the time of sending and will depend on the rate at the time of payout. Signup and view all the answers

How do you handle a DODD-FRANK refund?

Always help the customer with refund requests for Western Union. Signup and view all the answers

Study Notes

Types of Money Services

Cash services include check cashing, money orders, gift cards, and Western Union transfers.
Acronym for services: CAMWU.

Completing EMST and Other Forms

EMST form is required when money service transactions total $3000 or more within a single business day for the same customer.
Form 8300 is necessary for documenting cash payments of $10,000 or more in groceries, excluding debit or credit card transactions.

Steps for Pre-Transaction Disclosure Statement (PDS)

Print the PDS and provide it to the customer.
Allow customer review and address any inquiries.
Confirm customer agreement in WUPOS.
Collect payment after agreement.
Staple PDS with the receipt for customer to keep; dispose of if refused.

DODD-FRANK Transaction Notifications

Important details to inform customers: recipient’s name, payout location, transfer fees, exchange rate, and payout amount.

Recognizing and Handling Red Flags

Ask open-ended questions to determine the purpose of the funds and the relationship with the sender.
Transactions identified with red flags should be denied or require managerial involvement.

PDS Form for DODD-FRANK

The PDS outlines all rates and fees associated with money transfers over $15 sent outside the U.S. before payment collection.

Exchange Rate Considerations

Exchange rates may vary for currency conversions due to legal restrictions in specific recipient countries, affecting the final payout amount.

Handling DODD-FRANK Refunds

Assist customers with refund requests for Western Union transactions, regardless of whether the transfer originated from a competitor or other location.

Description

Test your knowledge on Publix Money Services with these flashcards. Learn about various types of money services, including check cashing and money orders, along with important forms used in transactions. Perfect for anyone working in or studying money-related services.