do you ever make a $5000 or larger credit card PAYMENT?

[mattbta]

Awesome. I make 10k+ payments every time my expense reimbursement comes in.

[hegemony]

we made two >$10000 payments to BOA in the past month.

[sara21200]

we made two >$10000 payments to BOA in the past month.

 

Maybe after manual review you will get that CLI after all.

[datbol]

WOW...here I thought it was anything over $9999...unless I'm confusing that with bank deposits or gambling winnings!

 

I think that refers to cash on hand!

 

 

Businesses are also required to report all cash transactions from a single customer that "total" $10k in a one year period. A lot of business owners don't even know this either, they think it's $10k in a single transaction. It's a pretty serious crime too. The bank makes you fill out paper work anytime you withdraw $10k in cash as well.

 

Wow.....many business are high ticket only items. Wonder how many mortuaries and cemeteries are in violation. A lot of times husbands and wives die within a few months of one another. Not to be morbid, but this stands out to me.

 

What about auto dealers? Home theater dealers?

 

Yes, I used to sell cars and had to get the forms filled out when people made large cash or check down payments of 10k or more.

Cash I can see, but a check? That would seem to invite a lot of unnecessary cluttered reporting for the agencies involved.

Certainly we're not talking a CTR on a check. As far as a SAR, I can't see why the dealership would file one in absence of reasonable suspicion.

 

With our new car purchase this year our credit union simply deposited $27K in funds into our checking account once our loan was approved and we had settled on a car. We just wrote a personal check (needless to say, we didn't drive away in the car that day We've written a couple of $10K+ checks off our home equity account for home improvements. I'm surprised to find that either case would provoke any reporting.

 

It may not be truly required on a 10k+ check but I know we did it, possibly as a CYA measure. There were times that it was really a questionable transaction, a thug looking guy walks in and wants to buy a brand new Corvette with cash...

 

Can we say profiling?

[datbol]

Do you think you would be flagged if you deposited BT checks in your account of large amounts? Its not like you are dealing in large forms of physical cash...its all trackable.

[L0x]

WOW...here I thought it was anything over $9999...unless I'm confusing that with bank deposits or gambling winnings!

 

I think that refers to cash on hand!

 

 

Businesses are also required to report all cash transactions from a single customer that "total" $10k in a one year period. A lot of business owners don't even know this either, they think it's $10k in a single transaction. It's a pretty serious crime too. The bank makes you fill out paper work anytime you withdraw $10k in cash as well.

 

Wow.....many business are high ticket only items. Wonder how many mortuaries and cemeteries are in violation. A lot of times husbands and wives die within a few months of one another. Not to be morbid, but this stands out to me.

 

What about auto dealers? Home theater dealers?

 

Yes, I used to sell cars and had to get the forms filled out when people made large cash or check down payments of 10k or more.

Cash I can see, but a check? That would seem to invite a lot of unnecessary cluttered reporting for the agencies involved.

Certainly we're not talking a CTR on a check. As far as a SAR, I can't see why the dealership would file one in absence of reasonable suspicion.

 

With our new car purchase this year our credit union simply deposited $27K in funds into our checking account once our loan was approved and we had settled on a car. We just wrote a personal check (needless to say, we didn't drive away in the car that day We've written a couple of $10K+ checks off our home equity account for home improvements. I'm surprised to find that either case would provoke any reporting.

 

It may not be truly required on a 10k+ check but I know we did it, possibly as a CYA measure. There were times that it was really a questionable transaction, a thug looking guy walks in and wants to buy a brand new Corvette with cash...

 

Can we say profiling?

 

I walked into a dealer when I was 20yrs old with 21k cash to buy a car. They sent me away. I guess they thought I was a thug. I should have wore my dockers.

 

Also, I have never paid a 5000 CC payment.

[Call Me Laura]

So, how many people are thinking "Eh, I don't have any nefarious schemes in mind, so they'll never come after me?"

 

It scares me how many liberties we're giving the government in the name of 'security'. What about ephedrine requiring a driver's license now? I just hope I always get a cold during pharmacy hours... But really, what's next?

 

They wouldn't find anything on my $5,000+ payments, but I'd be really torqued at being asked to explain.

[Ryan Mercer]

and you can't use gold to buy stuff...

 

Sure you can, ever heard of e-gold? Although true, it's not physical bullion in your hands.

[Ryan Mercer]

I think the last time gold was actually traded for something other than cash, at least in the U.S., was probably during the gold rush about 160 years ago.

 

Guess you have never heard of e-gold either.

[azntg]

Damn, I guess I'm probably a suspect too. I've been changing my parent's cash wages (accumulated for several years) from $20 bills to $100, $2000 at a time for several weeks. Finally done now, but still...

[LustfortheMoment]

I pay the RED SOX approx. $6K every November for my Season's tickets. I arranged years ago to open my AMEX BLUE CASH card in early December so that I hit the $6500/year tier( for 5% EDP and 1 1/2% on everything else) at the beginning of each anniversary year. This is my primary card and should net me close to $1400 in cash rebates for 2007.

[Inceptor]

Can we say profiling?

 

I used to manage a scrap yard...we routinely had homeless guys and thugs come in all the time trying to recycle large reels of copper wire for cash that were obviously stolen from contruction sites and electrical jobs. I'd get called down to approve the transaction and ended up calling the police more often than giving them cash. Profiling? Yes. Deal with it.

Edited December 17, 2007 by Inceptor

[flacorps]

The feds have heard of e-gold ... they've got those guys up on charges.

 

Oh, and breaking larger transactions into smaller ones so that CTRs or SARs might be avoided is called "structuring" (in the statutes) or "smurfing" (after the little blue cartoon guys who can only carry small amounts on their own), and it's a crime.

 

And the reporting limit for certain businesses (like payday loan shops) isn't $10,000, it's $2,000.

 

The liberties (as the founders conceived them) guaranteed in the Constitution are long-lost.

 

In their place, the Matrix has you.

[hegemony]

do you>

[more credit less cash]

Since pretty much everything is paid for/reimbursed through corp card, I just can't find a good way to spend over 5k on my cards, but I've been calling around to waive fee and transferring around ~10-30k between cards for the fun of it. No AA yet.

Edited May 7, 2009 by more credit less cash

[Rorer_714]

do you>

Many times a month.

[nothingtolose]

I think a large pmt can just be split into two pmts within the same billing cycle

[Big Bear]

Thanks for bumping this one, Heg. Very informative.

 

payments equal to or in excess of $5000 must be reviewed by each institution's Banking Security Officer...

 

I did not know this, as well as some of the other information presented above.

 

I have made 2-3 payments on my personal cards in excess of 5k within the past year.

 

Before CB, never...as my limits weren't high enough to do so.

[squirrelgirl]

I use mycheckfree to pay my Penfed Visa. Last time I made a payment over 10K, Wells Fargo did indeed treat it differently than my normal payments of $1000-$1500.

[SptsMed]

The only ones that I have made that level of payment, between 5.000 and 12,000 was to NFCU, USAA and AMEX, and never had any issues with any of those. Of course AMEX recently let me know just what privileges that membership has is all about, but prior to that, no issues.

[persevering]

The only ones that I have made that level of payment, between 5.000 and 12,000 was to NFCU, USAA and AMEX, and never had any issues with any of those. Of course AMEX recently let me know just what privileges that membership has is all about, but prior to that, no issues.

When I've made large payments to Sears Mastercard via a balance transfer, in each and every instance Sears/Citi put a hold on the payment. Sears/Citi has done this to other customers, too -- more info: (link)

Edited May 7, 2009 by persevering

[Sugz]

I get paid in a diff currency, so I always have feds on my a**.

 

So if 5K and higher payments are flagged, does anyone think they use this as a way to monitor rewards cards?

[GEORGE]

Not recently for over $5,000

 

But every single month is $1,000+

Edited May 7, 2009 by GEORGE

[GEORGE]

The only ones that I have made that level of payment, between 5.000 and 12,000 was to NFCU, USAA and AMEX, and never had any issues with any of those. Of course AMEX recently let me know just what privileges that membership has is all about, but prior to that, no issues.

When I've made large payments to Sears Mastercard via a balance transfer, in each and every instance Sears/Citi put a hold on the payment. Sears/Citi has done this to other customers, too -- more info: (link)

One bank CSR told me to make sure the payment is an odd amount

 

"IF" you are needing to pay say exactly $5,000 don't do a BT for $5,000 do it for $5,108.97

 

The young lady told me that of all the BT'd payments that bounce MOST OF THEM ARE ENDING IN $__000.00

 

That is why SOME do holds on them

 

BUT ON THE OTHER-HAND they can call to confirm funds

 

They are also suggesting that the other bank is sending them BOGUS EFT FUNDS (ELECTRONIC EFT BT)

 

Does the sending bank want to know that??? I would call them

[squirrelgirl]

The only ones that I have made that level of payment, between 5.000 and 12,000 was to NFCU, USAA and AMEX, and never had any issues with any of those. Of course AMEX recently let me know just what privileges that membership has is all about, but prior to that, no issues.

When I've made large payments to Sears Mastercard via a balance transfer, in each and every instance Sears/Citi put a hold on the payment. Sears/Citi has done this to other customers, too -- more info: (link)

One bank CSR told me to make sure the payment is an odd amount

 

"IF" you are needing to pay say exactly $5,000 don't do a BT for $5,000 do it for $5,108.97

 

The young lady told me that of all the BT'd payments that bounce MOST OF THEM ARE ENDING IN $__000.00

 

That is why SOME do holds on them

 

BUT ON THE OTHER-HAND they can call to confirm funds

 

They are also suggesting that the other bank is sending them BOGUS EFT FUNDS (ELECTRONIC EFT BT)

 

Does the sending bank want to know that??? I would call them

 

Interesting. I never do payments ending in even thousands.