2 Questions on Bank Wires from Sportsbooks...

GoBlue34 · Feb 9, 2009

My question is 2 fold. One minor question, is it normal for your own bank to charge you a $20.00 wire transfer fee? On my last withdrawl I just noticed I got charged that fee. I'm not going to question it as I don't want extra questions but that was not something I expected.

How worried are people on depositing too much money in a short period of time? I'm not going to lie, I've had a decent run lately and dont' like having too much sitting in my online accounts for too long (ya never know). But I also don't want my banks questioning a over 5 digits coming in so quickly.

So again, how much is too much? Is 5K at a shot a big deal to withdraw that much weekly for say 4 weeks straight?

Voodoo7 · Feb 9, 2009

If you're on good terms with your bank representative then in most cases they'll reverse the charge/fee. I used to get hit with a fees on Pinny wires but not since talking to my bank.

Betallsports · Feb 9, 2009

GoBlue34 said:
My question is 2 fold. One minor question, is it normal for your own bank to charge you a $20.00 wire transfer fee? On my last withdrawl I just noticed I got charged that fee. I'm not going to question it as I don't want extra questions but that was not something I expected.

How worried are people on depositing too much money in a short period of time? I'm not going to lie, I've had a decent run lately and dont' like having too much sitting in my online accounts for too long (ya never know). But I also don't want my banks questioning a over 5 digits coming in so quickly.

So again, how much is too much? Is 5K at a shot a big deal to withdraw that much weekly for say 4 weeks straight?

Not sure about your $20 Fee, But Most people like to stay under the Radar by Wiring Under the $10K mark for Report.
You need to remember that The Red Flags could come up with Multi smaller amounts being Wired.

Best to Spread it out to 6+ weeks. And Make it Odd amounts ( $4,560,etc)

Please note that I am Not telling Anyone here to Break and laws.

wolfie_cr · Feb 9, 2009

GoBlue34 said:
My question is 2 fold. One minor question, is it normal for your own bank to charge you a $20.00 wire transfer fee?

yes its normal operating procedure to charge you for incoming wires UNLESS the person sending it marks it as "all fees paid by the sender" , however in the case of gaming companies that is NOT the standard, so you will be hit by your bank's fee

bigtendominator · Feb 9, 2009

GoBlue34 said:
My question is 2 fold. One minor question, is it normal for your own bank to charge you a $20.00 wire transfer fee? On my last withdrawl I just noticed I got charged that fee. I'm not going to question it as I don't want extra questions but that was not something I expected.

How worried are people on depositing too much money in a short period of time? I'm not going to lie, I've had a decent run lately and dont' like having too much sitting in my online accounts for too long (ya never know). But I also don't want my banks questioning a over 5 digits coming in so quickly.

So again, how much is too much? Is 5K at a shot a big deal to withdraw that much weekly for say 4 weeks straight?

Most banks charge between $10-$40 for incoming wire fees and usually $20-45 for outgoing wire fees.

You don't have to worry about any issues when you have a wire coming.

Betallsports is wrong about the 10K, that is only applicable on cash transactions. Wire transfers can be done for any amount without concern.
So, if you received wires for $5K every, no reason to be concerned.

Betallsports · Feb 9, 2009

bigtendominator said:
Most banks charge between $10-$40 for incoming wire fees and usually $20-45 for outgoing wire fees.

You don't have to worry about any issues when you have a wire coming.

Betallsports is wrong about the 10K, that is only applicable on cash transactions. Wire transfers can be done for any amount without concern.
So, if you received wires for $5K every, no reason to be concerned.

Not sure where I am Wrong here. I have Received Many Wires and had to Fill out Forms for Uncle Sam.

GoBlue34 · Feb 9, 2009

Which would be "less" concerning? Wires in the 5K ish amount or checks in the 3K ish amount?

bigtendominator · Feb 9, 2009

Betallsports said:
Not sure where I am Wrong here. I have Received Many Wires and had to Fill out Forms for Uncle Sam.

You had to fill out a CTR?

Never ever heard of anyone having to fill out a CTR on wire and I have received many wires over 10K.

bigtendominator · Feb 9, 2009

GoBlue34 said:
Which would be "less" concerning? Wires in the 5K ish amount or checks in the 3K ish amount?

Wires would be less of a concern.

Checks can be viewed as so sort of scam being run or check fraud. Not suggesting that they would necessarily think that, but out of the 2, I would rather receive a wire.

bigtendominator · Feb 9, 2009

Betallsports said:
Not sure where I am Wrong here. I have Received Many Wires and had to Fill out Forms for Uncle Sam.

What forms did you have to fill out and what bank?

I have received wires at 4 major banks (BofA, Chase, Wells, and Wachovia) and have never had an issue and used to work at BofA immediately after college and nobody ever had to fill out paper work on an incoming wire.

Betallsports · Feb 9, 2009

GoBlue34 said:
Which would be "less" concerning? Wires in the 5K ish amount or checks in the 3K ish amount?

Well maybe somebody knows more then me. But I have had Bank Wires over the past 12 years. Mostly Non Gambling Related.
Size amounts from $3K - $60K, only filled out Forms for $10K and Up.

But once asked at the Bank about smaller amounts . They told me even if you have smaller amounts that come in at the same amount, Over and Over again. It will put up a small Red Flag. Nothing like the Larger amounts. But Still.....

I think you have Nothing at all to worry about. Unless you plan on Moving a lot more then You stated above.

SportSavant · Feb 9, 2009

Intermediary banks charge the fee.

this happens to me all the time.

I get my FREE bank wire from pinny, but it comes $30 less due to the intermediary Bank Fees.

Betallsports · Feb 9, 2009

bigtendominator said:
What forms did you have to fill out and what bank?

I have received wires at 4 major banks (BofA, Chase, Wells, and Wachovia) and have never had an issue and used to work at BofA immediately after college and nobody ever had to fill out paper work on an incoming wire.

You know what, You are Right... I Was the Sender I think when I Filled them Out.
I will have to find them, I think I held like 2 or 3 copies somewhere.

The Bank at the time was Citibank

My Bad

hno:

bigtendominator · Feb 9, 2009

Betallsports said:
Well maybe somebody knows more then me. But I have had Bank Wires over the past 12 years. Mostly Non Gambling Related.
Size amounts from $3K - $60K, only filled out Forms for $10K and Up.

But once asked at the Bank about smaller amounts . They told me even if you have smaller amounts that come in at the same amount, Over and Over again. It will put up a small Red Flag. Nothing like the Larger amounts. But Still.....

I think you have Nothing at all to worry about. Unless you plan on Moving a lot more then You stated above.

What forms did you have to fill out?

CTRs are only for cash transactions on deposits or withdrawals over 10K. I am curious, as I have never heard of any forms being required for incoming wire transfers. What forms were you required to fill out?

bigtendominator · Feb 9, 2009

Betallsports said:
You know what, You are Right... I Was the Sender I think when I Filled them Out.
I will have to find them, I think I held like 2 or 3 copies somewhere.

The Bank at the time was Citibank

My Bad hno:

Yes, on outgoing wires you have to fill out info. Howver, not the same as a CTR.

A CTR is a currency transaction report, that is asking about the cash you are either withdrawing or depositing.

Betallsports · Feb 9, 2009

bigtendominator said:
What forms did you have to fill out?

CTRs are only for cash transactions on deposits or withdrawals over 10K. I am curious, as I have never heard of any forms being required for wire transfers. What forms were you required to fill out?

See above Post. And yes, used Cash when making those Wires.

bigtendominator · Feb 9, 2009

Betallsports said:
See above Post. And yes, used Cash when making those Wires.

Was posting and didn't see it.

Yes, if you deposit cash, they are on you like glue.

Betallsports · Feb 9, 2009

LOL, OK Pulled one out

Funny how I still have this...Wife Loves to Thow things out.

I guess you will know better what this is...

It's from 2001, from EAB Bank

Appliction and Agreement for Funds transfer.
They told me it would be Reported. True ? or False ?

Betallsports · Feb 9, 2009

Maybe I signed something else too. Don't remember

Betallsports · Feb 9, 2009

bigtendominator said:
Was posting and didn't see it.

Yes, if you deposit cash, they are on you like glue.

Guess walking into a Bank with $60K to wire would be a Bad thing @)

2 Questions on Bank Wires from Sportsbooks...

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