bank wire withdrawals

Brock Landers · Sep 17, 2007

Hey guys,

Just curious what your experiences have been recently with Bank Wire Withdrawals, took a large one, over 10 dimes this morning and they (thegreek) says i should see it within 2 to 5 days. Anyone seen that on the short end or the long end of the time estimate?

Neteller BW's took 2 days max i remember...

neverbeanother#7 · Sep 17, 2007

Brock Landers said:
Hey guys,

Just curious what your experiences have been recently with Bank Wire Withdrawals, took a large one, over 10 dimes this morning and they (thegreek) says i should see it within 2 to 5 days. Anyone seen that on the short end or the long end of the time estimate?

Neteller BW's took 2 days max i remember...

Consider yourself lucky. We called in for a bank wire this morning to another book and were told 3-4 weeks.

Brock Landers · Sep 17, 2007

neverbeanother#7 said:
Consider yourself lucky. We called in for a bank wire this morning to another book and were told 3-4 weeks.

Yet another reason to stick with the greek/betjam family. They are the BEST.

Dante · Sep 17, 2007

didn't I read bank wires over 10 dimes raise flags? when it hits your bank??? maybe I read it wrong

Brock Landers · Sep 17, 2007

Dante said:
didn't I read bank wires over 10 dimes raise flags? when it hits your bank??? maybe I read it wrong

I got one over 10 from Prosper.com back in june, no issues, my buddy got one for just over 10 also not too long ago, when/where would the flag come from if there were going to be one raised?

neverbeanother#7 · Sep 17, 2007

Brock Landers said:
Yet another reason to stick with the greek/betjam family. They are the BEST.

I agree.. Not happy at all with this book as not only the timeframe but they stalled us again this morning from being able to withdraw with another excuse. It looked like they were changing for the better but after this morning's b.s patience is growing thin with this "unnamed" book.

hno:

WVU · Sep 17, 2007

They do not red flag 10k wires. They do not red flag 100k or even 1000k wires for that matter.

Brock Landers · Sep 17, 2007

WVU said:
They do not red flag 10k wires. They do not red flag 100k or even 1000k wires for that matter.

good to know, and from my limited knowledge, Banks handle so many Wires in a day, that a random 10K wire is basically nothing to them, they get wires for 90K+ on a regular basis..

WVU · Sep 17, 2007

It is up to the teller making the transaction to file a suspicious activity report and chances are they do not want to do that to customers who deal with large wires.

Always make large deposits and withdrawals in person. When they put a face to the activity then they are much less likely to deem it suspicious.

Cash deposits and withdrawals are a whole other animal. 10k cash transactions have to be reported but it is a simple procedure that most likely never goes farther than that.

Brock Landers · Sep 20, 2007

Made the request Monday morning, was too late to get it out that day, so it was really like making it on Tuesday, as of today nothing has shown up yet, they say 2 to 5 buisness days, so Tuesday the 25th is when i am last expecting it...a little nervous as the amount was 13+ dimes...

Brock Landers · Sep 24, 2007

Update....cash in my account!

took a week, or actually 6 days since the request didn't go in till tuesday, so i would say if you get it in before 11 AM EST on a monday, you will have the funds by Friday.

KICKASS

NO ONE beats thegreek!!

Nobody_Important · Sep 25, 2007

WVU said:
It is up to the teller making the transaction to file a suspicious activity report and chances are they do not want to do that to customers who deal with large wires.

Always make large deposits and withdrawals in person. When they put a face to the activity then they are much less likely to deem it suspicious.

Cash deposits and withdrawals are a whole other animal. 10k cash transactions have to be reported but it is a simple procedure that most likely never goes farther than that.

WVU: I have nothing but respect for you and your posts; in fact, I think you're one of the brightest guys around, and that's why I'm about to break a personal rule and offer a (hopefully informed) opinion on a public bulletin board.

Wait, actually, scratch that. I see you have an email address listed in your public profile. If your public profiles are anything like mine it's probably not current, so I'll wait a day or so and then send an email to that account. Until later, Nobody.

PO69 · Sep 25, 2007

Anything above $10K is reported. Make sure to pay taxes on those winnings Brock.

Oh yes, and dont do what others think is correct. They assume that since they lost more than they won for a year that they do not have to report anything. Actually that would not be true. You still have to report all winnings, AND THEN you can deduct your losses. It sounds like the same thing, but actually on your tax form, it could put you in higher tax class.

That happened to me last year. After reporting my poker tournament winnings, I was then in a higher tax bracket. I couldnt deduct as high of a % for childcare for instance.

Brock Landers · Sep 25, 2007

playersonly69 said:
Anything above $10K is reported. Make sure to pay taxes on those winnings Brock.

Oh yes, and dont do what others think is correct. They assume that since they lost more than they won for a year that they do not have to report anything. Actually that would not be true. You still have to report all winnings, AND THEN you can deduct your losses. It sounds like the same thing, but actually on your tax form, it could put you in higher tax class.

That happened to me last year. After reporting my poker tournament winnings, I was then in a higher tax bracket. I couldnt deduct as high of a % for childcare for instance.

where does any of this cash coming in show up as a gambling transaction, its just a wire from a person...nothing at all to report, i can wire you 15 dimes today and have no issue with it at all.

Dante · Sep 25, 2007

playersonly69 said:
Anything above $10K is reported. Make sure to pay taxes on those winnings Brock.

Oh yes, and dont do what others think is correct. They assume that since they lost more than they won for a year that they do not have to report anything. Actually that would not be true. You still have to report all winnings, AND THEN you can deduct your losses. It sounds like the same thing, but actually on your tax form, it could put you in higher tax class.

That happened to me last year. After reporting my poker tournament winnings, I was then in a higher tax bracket. I couldnt deduct as high of a % for childcare for instance.

also not sure why people talk about it on a public forum ( winning 10K or I bank wired 20K etc ) but I guess that is just me being stupid

Brock Landers · Sep 25, 2007

Dante said:
also not sure why people talk about it on a public forum ( winning 10K or I bank wired 20K etc ) but I guess that is just me being stupid

i have nothing to fear, so why not talk about it? Bottom line is the greek kicks all ass.

PO69 · Sep 25, 2007

If you send me $15,000, then it will be flagged in some sort of way. IT wont create a problem, but there will be a permenant record of that transaction. I believe that it is called a CTR and will be reported to the IRS along with your social security number. Now OFFICIALLY a check from a sportsbook would not have to be reported, but most times those are reported as well. Now most people dont actually REPORT everything, but this would be included in your savings assets most likely. And of course it is earned income.

I dont care whether you pay it or not, but just like to warn people since I have been audited before and I know a few other gamblers who were audited. I might post the story of a guy who plays at the tracks in a few hours again

http://www.yale.edu/tax/docs/rules_def_8300.pdf

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

PO69 · Sep 25, 2007

Here is a short version of a friend of mine who gambles at the tracks. Well he regularly bets A$48 or $60 trifecta and superfecta bets in almost every race at the dog track. Well of course he wins some big trifectas and he bets pick 6's as well.

Well at the conclusion of the year, he had won $121,000 or so at the track that was reported in W2-G form each time. Well he had saved all losing tickets as well and got some tickets from other people and off of the ground. Well he EASILY had the $121,000 in losses from his tickets. Well he gets audited.

At the audit, he shows the IRS agent all of his losing tickets vs his reported winning tickets. Of course there were a few problems. The agent spent a good 2 hours looking at the tickets and here are his findings.

1. Well he did say that my friend had AT LEAST $120,000 in losses.
2. However, he wanted to know where my friend was including all of his $10-500 winning bets. I believe that was only over $600 that a ticket has to be reported, or 200X the bet size. So OBVIOUSLY my friend must have another 500 or so winning tickets that are NOT reported judging from his losing tickets.

3. Now the agent also said that these tickets WERE NOT my friends bets. How would he know that? Well because ALL OF THE REPORTED WINNING TICKETS were big tickets bets like the $60 trifecta bets. 90% of the losing tickets were bets to win, exacta bets and so forth. If those tickets were in fact his tickets, then he must have a few hundred winning tickets where his dog was the winner and so forth.

4. Now the agent said that MAYBE all of these could be his tickets. BUUTTTTT, how on earth could have placed bets at 4 different windows at the EXACT same time?? (My friend had put each days tickets in a rubberband) Also, why on EARTH would bet collectively $425 on #1 to win, $900 on number 8 to win and $300 or so to win on 3 other dogs?? Obviously no one would ever do that.

Of course my friend then had to come clean and say that 80% of these tickets were in fact NOT his tickets. Also, he obviously won MANY other trifecta and superfecta bets that paid less than $600 each. Well the agent worked out a deal with him, and ONLY counted his big bet trifectas and big bet Pick 6 tickets as losses. He had $38,000 in losses in those tickets. But he had to pay taxes on the remaining amount.

Now the moral of this story is this: ANY money earned is taxable. If you win $235 in live poker, well that is taxable

PO69 · Sep 25, 2007

Brock,

Again, I dont care AT ALL if you report anything! I just want you to be informed as to why a check is a better option at times

valium · Sep 25, 2007

playersonly69 said:
If you send me $15,000, then it will be flagged in some sort of way. IT wont create a problem, but there will be a permenant record of that transaction. I believe that it is called a CTR and will be reported to the IRS along with your social security number. Now OFFICIALLY a check from a sportsbook would not have to be reported, but most times those are reported as well. Now most people dont actually REPORT everything, but this would be included in your savings assets most likely. And of course it is earned income.

I dont care whether you pay it or not, but just like to warn people since I have been audited before and I know a few other gamblers who were audited. I might post the story of a guy who plays at the tracks in a few hours again

http://www.yale.edu/tax/docs/rules_def_8300.pdf

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

You are wrong. A bank wire of more than $10,000 is not reported as a CTR. A bank wire is not flagged because of the dollar amount. Yes there is a permanent record because it is a bank wire and has an electronic record to it.