Bank issues

red007 · Sep 18, 2003

Ok, I recently moved from CA to NJ. In CA, I never had any problems cashing checks from offshore sportsbooks with any of my banks.
So, I go to my NJ bank today and try to cash a check from a sportsbook for 2 dimes, they won't cash it. They say if you want 2k in cash, deposit this check and just write a check for 2k out of your checking acct, which had plenty of money in it. They were all why don't you just do this. I can' tell them why I don't want to do this. I talk to 3 idiots at this bank, and they won't cash it. They say I'm a new customer (been over 3 months, have made several deposits before). Anyways, they say I have to wait maybe a year ( so i can become an established customer) before they'll cash the check. I tried to explain that the check was drawn out of a bank in the US (like it clearly shows on the check), but they are all no..the money has to be coverted or some BS. What a bunch of f'ing morons.
My question is to you all: Do you have similar problems? I've got accounts w/ a couple of other NJ banks, so I'll try cashing my next check w/ them and see if the results are different.
I sure as hell don't want to have tons of deposits on my accounts for obvious reasons.
It was so much easier in CA, just go to the bank, cash the check and I'm done. Less paper trail.

Also, do any of you know much about offshore banks. I might have to resort to using them if these NJ banks continue to jerk me around like this.

Chadster · Sep 18, 2003

It's time to switch banks

Fishhead · Sep 18, 2003

Quite frankly, it doesnt make any difference what you do. Just deposit your check, pay taxes, and dont worry about it.

lakerfan · Sep 18, 2003

A friendly banker can't be overrated.

If your bank is giving you this much trouble over this check I would get out of there. You are likely going to get reported for suspicious activity if you continue to use them.

blueedwards · Sep 18, 2003

go to a different bank to cash this check...then set up a neteller account.

Fishhead · Sep 18, 2003

The Feds do not mess with Bank of America.....get an account there.

buddyboy · Sep 18, 2003

the bank is just covering their a ss, you could be bin ladin for all they know.

anyway that piece of paper that you think is a check drawn on an american account is really a bank draft.

good luck finding a bank that will trust you, lakerfan hit the nail on the head.

Tekari · Sep 18, 2003

Deposits and cashing checks is the same thing isn't it? Cashing lots of checks for 2 grand is the same as depositing 2 grand.

i dont think there is a difference cause i know the checks cash are in your bank statements as well.

can anyone who knows more clarify on this?

Tekari · Sep 18, 2003

strutt why do you say the feds don't mess with the bank of america? where do you get this info thanks.

red007 · Sep 18, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Tekari:
Deposits and cashing checks is the same thing isn't it? Cashing lots of checks for 2 grand is the same as depositing 2 grand.

i dont think there is a difference cause i know the checks cash are in your bank statements as well.

Actually, I think its a huge difference.
When you cash a check from a sportsbook, it doesn't show up on your statement.
Only deposits and checks written and atm transactions are on your monthly statement.
So, I'd much rather cash a check from a sportsbook than deposit it into my checking acct.

can anyone who knows more clarify on this?<HR></BLOCKQUOTE>

The only things I see on bank statements are ATM, checks written and deposits.
If you cash a check from a sportsbook, that isn't going to be on your statement.
Much better to cash a check from a sportsbook
than depositing it.

buddyboy · Sep 18, 2003

those numbers your bank writes on the check (draft) when you cash it for cash, those numbers are your bank account number that way if the check or draft does not clear they can look you up.

there is always a paper trail

red007 · Sep 18, 2003

i understand there still is a trail. But, it is better to cash the check than depositing it.
You are leaving a much larger trail if you are making deposits.

Dante · Sep 18, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by red007:
<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Tekari:
Deposits and cashing checks is the same thing isn't it? Cashing lots of checks for 2 grand is the same as depositing 2 grand.

i dont think there is a difference cause i know the checks cash are in your bank statements as well.

Actually, I think its a huge difference.
When you cash a check from a sportsbook, it doesn't show up on your statement.
Only deposits and checks written and atm transactions are on your monthly statement.
So, I'd much rather cash a check from a sportsbook than deposit it into my checking acct.

can anyone who knows more clarify on this?<HR></BLOCKQUOTE>

The only things I see on bank statements are ATM, checks written and deposits.
If you cash a check from a sportsbook, that isn't going to be on your statement.
Much better to cash a check from a sportsbook
than depositing it.<HR></BLOCKQUOTE>

I agree. when I take money from my neteller to my Debit card account it just shows a transfer I have a NON interest bearing account as I do not have to file that small amount of interest it would make with the gov. IMO thats the way to go

Boston1 · Sep 18, 2003

The only way you can cash a cashier's check is to cash it at the bank where it originated. I have never heard of a bank cahing a cashier's check without it first being cleared. It must be deposited first.

red007 · Sep 18, 2003

I must have cashed 100+ checks from sportsbooks at CA banks over the last 5 years.
Never had to deposit them first. That is why I'm so pissed off at this f'ing NJ bank.

PatrickMcIrish · Sep 19, 2003

They used to tell you the only advantage is if you can cash a check from the issuing bank. In another words if someone writes a check to you and you take it to your bank, it does not make any difference if you cash it right then or you deposit it. However if you can take the check to the issuing bank (where you don't have an acccount) that is much tougher to track.

I pay taxes on my stuff personally because it's not worth it to hide anything. I had a buddy though that ran a poker game and did claim to know about banking. He swore that the best thing to do was take checks to the bank the player was using and cashed them there. Never get near your own account. He said it didn't make it 100% untraceable (as they have your Drivers License #) but it was much more difficult to follow along. I would guess if they want you bad enough to dwelve real deeply you are done for anyway but I'd stay away from my own bank as much as possible. Take it for what it's worth.

xoxojoe · Sep 19, 2003

Red what a great problem wish I had it!!

red007 · Sep 19, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Patrick McIrish:
They used to tell you the only advantage is if you can cash a check from the issuing bank. In another words if someone writes a check to you and you take it to your bank, it does not make any difference if you cash it right then or you deposit it. However if you can take the check to the issuing bank (where you don't have an acccount) that is much tougher to track.

I pay taxes on my stuff personally because it's not worth it to hide anything. I had a buddy though that ran a poker game and did claim to know about banking. He swore that the best thing to do was take checks to the bank the player was using and cashed them there. Never get near your own account. He said it didn't make it 100% untraceable (as they have your Drivers License #) but it was much more difficult to follow along. I would guess if they want you bad enough to dwelve real deeply you are done for anyway but I'd stay away from my own bank as much as possible. Take it for what it's worth.<HR></BLOCKQUOTE>

I always assumed it was better to cash the check from the sportsbook rather than deposit it. But others like you have said it doesn't make a difference whether you cash it or deposit it.

Regardless, the only way the US Govt will go thru your checking account activity (deposits made in a year), is if you get audited right?

Also, is it true, that if you put "professional gambler" as your job on your tax return, the chances of being audited skyrocket? I'd figure if you put a decent size in winnings on your tax return, you might have a better chance of getting audited..

Dante · Sep 19, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Also, is it true, that if you put "professional gambler" as your job on your tax return, the chances of being audited skyrocket? I'd figure if you put a decent size in winnings on your tax return, you might have a better chance of getting audited.. <HR></BLOCKQUOTE>

good point...IMO most smalltime-medium players and recreational players really do not have much a chance of being audited thats my opinion on it. They are going after the PRO gamblers that do not pay taxes on HUGE winnings..I think most pro gamblers DO pay there taxes.

Fishhead · Sep 19, 2003

The odds of being audited raise every year....not enough man power at the IRS. Read yesterday in Forbes it is now 1 in 632!

Bank issues

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