Could someone explain to me how bank wire transfers doing w/d's at books are legit

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Rx Wizard
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How are books pulling this off?

I assume the 270 day grace peirod hasn't came into effect yet. What else could explain this
 

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Very simple - they send it from bank accounts that don't say gambling or sportsbook on them...

There are billions of wires each month. Banks can't tell what they are for.

Somehow Chase seems to like to guess.

-Sean
 

Rx Wizard
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Very simple - they send it from bank accounts that don't say gambling or sportsbook on them...

There are billions of wires each month. Banks can't tell what they are for.

Somehow Chase seems to like to guess.

-Sean


seems odd this happens with no problems. How long would you say this will continue? How long has this been an option? I was so involved in Neteller transactions back in the day that I never knew this was done or was it?
 

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Forever.

Before neteller, I probably sent over 200 bank wires.

Some banks like it and the $30 fees.

Other banks (Citizens) threw myself and partner out. Were concerned about fraud.

I think it will continue for a very long time. Out of about 200 wires, I had one bounce back. If you dont use Chase or Chase as an intermediary, there is a darn good chance there will not be a problem.

It's been an option forever.

It should remain one for a long time. Lots of legit companies pay for things with wires - many weekly or monthly. Long ago, they'd say Sportsbook on the account. Now they come from places like Frank's chicken.

Sean
 
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How long would you say this will continue? How long has this been an option? I was so involved in Neteller transactions back in the day that I never knew this was done or was it?

Bank wires have been around for years & i expect will continue to be
a WD/Dep option. US residents may be the exception. Before Neteller
i used BWs much more often, but now that NT is gone for Canadian
accounts...
 

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I could be wrong but I thought the law was only to stop wires going out to gambling sites, not coming in. I received 2 incoming ones with no problem.
 

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there are wire transfers for loads of reasons on and offshore. i'd do them in increments of less than a grand to be safe.

but people do wire transfers all over all the time for things such as deposits on rented vacation properties, fishing trips. you can't even begin to fathon how much money is sent to and from alot of illegals working in the US.

as long as you aren't wiring 10,000 or over you won't raise any IRS flags from most places. however, it doesn't have to be over 10K for them to fill out the slips. they can do it at their discretion, so be nice to your teller.

:)
 

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There are no IRS forms for wires or checks. By definition, wires and checks are recorded.

Now if the bank thinks the money came from fraud, drugs, kiddie porn, whatever, they can fill out a report about this, but that has nothing to do with the $10,000 requirement.

Sean
 

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