5dimes pay out check........need advice(maybe accountants)?

Search

New member
Joined
Dec 6, 2008
Messages
1,860
Tokens
first of all i don't know if this is the right forum so you can move it if you have to.

im not bashing 5dimes, i got the check within 5 days of when i requested it, so they did great on that.

problem is the check came from a bank in canada. i went to deposit it and get some cash but they told me they wouldn't do it. even though its in usd, since the bank is located in canada i have to wait 6-8 weeks. i thought it was crazy so i took the check and left. I'm a member of a smaller bank (one west for everyone that in socal). thought maybe it was because it was a smaller bank they wouldn't do it (even though its not a huge check). i called b of a and chase. both said that they would make me wait between a week and 2.

my question is, is this normal? and is there any way they can find out this came from gambling and take the check when they're verifying it?? thanks guys
 

RX Local
Joined
Jul 10, 2007
Messages
24,032
Tokens
deposit the check.. it will clear in 3-10 days.. has for me in past anyway

if u cant wait then tell them and they can cancel it and send u person to person

gl bud :)

-murph
 

RX Local
Joined
Jul 10, 2007
Messages
24,032
Tokens
so this is normal?

well its not abnormal persay.. most banks over-exagerate the clearing time.. but you tried to get cash off the check and that is normally never going to be possible.. u have to let it Clear first :)

Bigger banks (at least from my own experience) dont take but 2-3 days (sometimes a week) to clear these... and I have heard Walmart might take some (but I wouldnt count on it 100% or anything)

Some of the check cashing places will do it but they may charge you 10% which would be insane if u have 1k +

My recommendation is the same.. if u can afford to wait, then deposit it and I am all but sure it will clear in a fraction of the date they through out there.. but if u need the money now, then ask them to void the check (might cost u 25$ ) and then take a cash payout.. ask them your options and tell them your bank story.. they will surely give you some other ideas :)

-murph
 

Banned
Joined
Mar 7, 2009
Messages
638
Tokens
Was the check drawn on a canadian bank with US branches? If so, take it to that bank and they will probably cash it for a small ($3-$5) fee. It's a banking issue and not an offshore book issue. If you have decent deposits with your bank, you can have someone over ride the hold, but rest assured if the 5 Dimes check bounces, they will offset your other bank account by that amount. Like Murph said, stay away from check cashing companies, their rates and fees are obscene.

You shouldn't worry too much about anyone finding out about the deposit unless you get audited by the IRS. Thefeds are more concerned with busting the banks and processors that handle the transactions. Your check was issued by a company in Canada, and in no way shows a reference to 5 Dimes. Again, your biggest worry should be getting audited and not reporting the unexplained deposit as income. If the IRS starts going after small fish like us recreational gamblers, we are all in trouble.

Wish they would legalize and tax sports wagering in the US. The revenue the US could get may surprise many people. Until that happens, incidents like the one you mention will continue to happen.
 

New member
Joined
Nov 6, 2012
Messages
209
Tokens
It's also dependent on your current balance. If your check was for 1k, say, but you only got 500 bucks balance, and that is a typical balance for you, the hold is longer. Basically, you want your existing balance to be considerably larger than check you're depositing, so the bank doesn't take a huge risk.
 

Forum statistics

Threads
1,106,908
Messages
13,439,560
Members
99,345
Latest member
08winlink
The RX is the sports betting industry's leading information portal for bonuses, picks, and sportsbook reviews. Find the best deals offered by a sportsbook in your state and browse our free picks section.FacebookTwitterInstagramContact Usforum@therx.com