FlyerTalk Forums (http://www.flyertalk.com/forum/index.php)
-   Manufactured Spending (http://www.flyertalk.com/forum/manufactured-spending-719/)
-   -   Suspicious Activity Reports to the IRS when buying or depositing money orders. (http://www.flyertalk.com/forum/manufactured-spending/1438710-suspicious-activity-reports-irs-when-buying-depositing-money-orders.html)

Rooks Sep 2, 13 8:54 pm

Anybody know if you actually need to put a purchaser name and address on the money order? I think my CU will accept it without that. It's going to seem weird if my name is the payee and the purchaser.

CMHFlyerOH Sep 2, 13 9:06 pm

Quote:

Originally Posted by Rooks (Post 21379110)
Anybody know if you actually need to put a purchaser name and address on the money order? I think my CU will accept it without that. It's going to seem weird if my name is the payee and the purchaser.

I wouldn't worry too much about it being "weird." It's even more weird if you leave it completely blank. I always sign the front and back and make it out to myself, and haven't had any problems. Honesty is always the best policy.

vagrants Sep 2, 13 9:33 pm

Quote:

Originally Posted by myndreamland (Post 21349815)
Any hint about where that fine line might be?

ADK was replying to Stubtify, thus, I think you can determine the 'fine' line yourself without being told...

FlightNurse Sep 3, 13 2:46 am

Quote:

Originally Posted by Rooks (Post 21379110)
Anybody know if you actually need to put a purchaser name and address on the money order? I think my CU will accept it without that. It's going to seem weird if my name is the payee and the purchaser.

Yes you have to put a name on who purchased the MO, my bank has ALWAYS asked me about this, and the bank is Chase. However, I never put an address

andyandy Sep 3, 13 9:58 am

Quote:

Originally Posted by vagrants (Post 21379236)
ADK was replying to Stubtify, thus, I think you can determine the 'fine' line yourself without being told...

It's somewhere between "just enough" and "too much." Other than that, it's not readily quantifiable.

Andyandy

tsmith12 Sep 3, 13 9:58 am

Quote:

Originally Posted by FlightNurse (Post 21380047)
Yes you have to put a name on who purchased the MO, my bank has ALWAYS asked me about this, and the bank is Chase. However, I never put an address

Fwiw, Chase never asks me to put a name.

Stubtify Sep 3, 13 10:10 am

Quote:

Originally Posted by myndreamland (Post 21349815)
Any hint about where that fine line might be?

Sadly the line isn't where you perceive it to be, it is where those looking at your actions perceive it to be.

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

TTnC4me Sep 3, 13 2:28 pm

Quote:

Originally Posted by Stubtify (Post 21381918)
Sadly the line isn't where you perceive it to be, it is where those looking at your actions perceive it to be.

This.
Perception is reality and there are different realities for different entities.

MkMooney Sep 3, 13 4:18 pm

Quote:

Originally Posted by drdrew450 (Post 21348059)
Not sure how much this helps, but I started depositing my MOs from the drive through cause I think its less likely to get questions and I am not as recognizable. I go in sometimes too since its usually diff people that work the drive through compared to the counter.

I just use the ATM, they don't ask any questions there.

vinyalwhl Sep 3, 13 5:08 pm

I always sign mine on both sides but my signature is virtually unintelligible and no one ever questions it.

FlightNurse Sep 3, 13 8:52 pm

Quote:

Originally Posted by tsmith12 (Post 21381839)
Fwiw, Chase never asks me to put a name.

Mine did. So can we say that Chase is inconsistent

sharka Sep 3, 13 9:20 pm

Quote:

Originally Posted by Rooks (Post 21379110)
Anybody know if you actually need to put a purchaser name and address on the money order? I think my CU will accept it without that. It's going to seem weird if my name is the payee and the purchaser.

I agree it does look weird as banks will think why is someone wasting time and money as MO not free, to buy a MO for themselves. If I work in a bank and didn't know anything about MS, it would raise a red flag in my mind. Luckily for us, none of this is illegal- at least none I am aware of, but then I'm not a lawyer nor work for the govt in any way.
If you are concern, why not just make out the MO to a relative, spouse, parents. They deposit and give money back to you later on- just a thought.
Cheers

lovenola Sep 3, 13 11:20 pm

Quote:

Originally Posted by sharka (Post 21385022)
I agree it does look weird as banks will think why is someone wasting time and money as MO not free, to buy a MO for themselves. If I work in a bank and didn't know anything about MS, it would raise a red flag in my mind. Luckily for us, none of this is illegal- at least none I am aware of, but then I'm not a lawyer nor work for the govt in any way.
If you are concern, why not just make out the MO to a relative, spouse, parents. They deposit and give money back to you later on- just a thought.
Cheers

This is a problem if they are self employed or would otherwise be worried about lots of money passing thought their accounts that could look like unreported income in the event of an audit.

TheChallenge Sep 4, 13 2:15 am

Personally I use the ATMs unless they are down, but it's really not that hard to explain a way to an overeager bank teller why you signed both as purchaser and recipient.

Bank Teller: "Why'd you sign both as purchaser and recipient on this MO?"
You: "My elderly grandmother forgot to fill out her portion before she gave it to me, so I just put in my info since I figured it need to be filled in with something."

You can insert anyone, the key is to just make it believable to the point the teller is no longer concerned. The tellers don't care what answer you give them, just as long as it's enough to relax their suspicions that something odd is going on.

Andy2 Sep 4, 13 8:09 am

Quote:

Originally Posted by TheChallenge (Post 21385896)
Personally I use the ATMs unless they are down, but it's really not that hard to explain a way to an overeager bank teller why you signed both as purchaser and recipient.

Bank Teller: "Why'd you sign both as purchaser and recipient on this MO?"
You: "My elderly grandmother forgot to fill out her portion before she gave it to me, so I just put in my info since I figured it need to be filled in with something."

You can insert anyone, the key is to just make it believable to the point the teller is no longer concerned. The tellers don't care what answer you give them, just as long as it's enough to relax their suspicions that something odd is going on.

I am trying to understand what advantage you see in lying? If the bank does in fact file a Suspicious Activity Report it will provide detail of the reasons that you verbally provided for the transactions. If an examiner sees this Suspicious Activity Report (and you will not ever see it) and starts asking you questions about whether you have a wealthy grandmother, it is going to raise eyebrows when you inform him that your grandma passed on 10 years ago. And even if you have a wealthy grandma, if you deposited $100,000 in money orders "from her" over a short period of time they are going to wonder why she does not file gift tax returns.

A lot of posters have properly cautioned participants to avoid purchasing and depositing money orders in patterns and quantities that would violate the Structuring laws. Beyond that, no one has mentioned any law violations associated with purchasing and using the money orders for deposits or payments of liabilities. If asked, I simply say that I am purchasing them in order to obtain credit card award benefits and I am using them to pay my credit/debit card balances. I personally see no benefit from lying about their source - I only see future problems from doing so. And I see a bank as being more likely to file a SAR if they smell a lie. What grandma goes to WalMart with cash to buy money orders instead of handing her grandson cash or writing a check?


All times are GMT -6. The time now is 2:43 am.



SEO by vBSEO ©2011, Crawlability, Inc.