Mo. Code Regs. tit. 20 § 1140-6.057
PURPOSE: The comptroller of the currency has authorized national banks to engage in check guaranty services for their own customers. To the extent the state-chartered banks do not have the same power, they are at a competitive disadvantage. These services, whether offered to the bank's customers or to others, appear to be among the incidental powers granted to banks. This rule authorizes state-chartered banks to engage in check guaranty services.
State-chartered banks, directly or through a subsidiary, may authorize a subscribing merchant to accept personal checks tendered by the merchant's customers in payment for goods and services, and purchase from the merchant validly authorized checks that are subsequently dishonored.
20 CSR 1140-6.057
*Original authority: 361.105, RSMo 1967; and 362.105.3 and 362.105.11, RSMo 1939, amended 1949, 1963, 1965, 1967, 1977, 1983, 1986.