If you have ever received an audit letter from your bank, you know what true panic is. For some of us, our first reaction is to deal with it later.
Even though you have a lot on your plate, this is the one thing that cannot be ignored.
6 Reasons NOT to Ignore Your MSB Bank Audit Letter
#1 THE SNOW BALL AFFECT
If you ignore your bank’s requests, they become big problems later on. The faster you tend to your bank’s requests, the faster you can get back to business and sleep better at night.
#2 YOUR LEASH IS GETTING SMALLER
Auditors don’t like time crunches, just like you don’t. In fact, they despise them. If you wait until the last minute to take action, their patience will be short and not-so-forgiving during the audit.
#3 TIME IS OF THE ESSENCE
Some banks send multiple audit letters before they exit you, while others do not. If you ignore the letter for too long, your deadline quickly approaches and you might not have enough time to do anything about it.
#4 THINGS JUST GOT REAL
The bank WILL shut your account down. They send these audit letters to you with the expectation that you will head their warnings seriously. If you do not, you will lose your account.
#5 IT’S NOT THEM, IT’S YOU
It does not matter how long you have been with your bank, they will exit you for non-compliance even if you don’t think you are out of compliance.
#6 SO HAPPY TOGETHER
Maintaining your current MSB bank account is easier than acquiring a new MSB banking relationship.
This letter-of-terror does not have to be neglected or feared any longer. If you take action upon first notice, you will have ample time to prepare any requested items and address any deficiencies you may have.
If you have received an audit letter from your bank regarding your MSB account and would like help decoding it, contact us immediately. Our CAMS certified representatives specialize in working closely with banks and educating our customers on what they can do to maintain their banking relationship.
(855) 922-4325Capital Compliance Experts, Money Service Business, MSB, Third Party Independent Reviews