bayhouse

Definitely did not blow the Kates up.

ctbarron

Will the same app I use for mobile cash deposits work or is this a different one? I ask because I'm running out of memory on my phone and don't want to download more apps.

nkp46

I do $2k-3k per month per bank account. Am I too carefully?
I would prefer to open some new local checking accounts other than increase the MO deposit amount.

By the way, so far I always drive to local branches to deposit. I see people talking about using mobile phone. What app are you using? what is the name of the app? I use android phone.

Can I scan and deposit MOs like depositing checks?

mbfanos

Here you go
http://www.flyertalk.com/forum/manuf...phone-atm.html

PaulMSN

Your comfort level should be the determinant, based on your situation -- no one else can really give you advice on that. For the record, I deposited over $72K into one account at a CU in February, but I'm comfortable with my situation. I'm aware that it could change any time, of course, and am willing to risk losing this avenue if it does.

I've been depositing MOs there since at least mid-year 2013 -- I started small and built up slowly. I didn't keep good records early on, so I'm not sure exactly when I started.

ziwei

I just started to buy some MOs for MS. But how much MOs is reasonable and considered "safe"?

I have already 6 local bank accounts, and plan to open 4 more so I have 10 bank accounts to deposit MOs. If each one deposit 1K per month, it will be 10K per month. If every bank I deposit 2k per month it will be 20K per month in total, which is a lot. But is this considered "structured" ? And will cause attention at higher chance?

A related question: each bank only sees my 1k or 2k MO deposition. Will some other party other than banks knows my total MO deposition in all banks?

Andy2

There is a rarely lengthy thread, with of course lots of misinformation, that this question will likely get transferred to. You have a terrible way of phrasing things, no offense meant. Structuring is arranging your transactions, such as deposits, to avoid information reporting. Many posters believe that neither the $3,000 or $10,000 reporting requirement is triggered when money orders are deposited, so that may not even be a concern - but no one knows exactly how each bank views money order deposits.

But many of us have over time chosen to open many different bank accounts to get account opening bonuses and choose to deposit into those accounts based on how close a particular bank is at the time the deposit is made, and because some of those banks have inactivity fees if you do not use the accounts. A person likely goes to lunch at different places most days and is closer to a different bank each day, so using different banks saves time. Also, it may be desirable to deposit into many different accounts because you may need to transfer funds back into a " master account" such as Suntrust and many banks limit fee-free transfers to $2,000 - $4,000 a month. See how those scenarios sound so much different than saying you opened a bunch of different accounts because you were worried that using one bank might increase the likelihood of information being reported to the government.

It is possible that the money order issuer might notice the multiple deposits into numerous accounts and file SARs, but no one knows for sure. It is also possible that the "credit check" system that banks use when a new account is opened might identify you as a potential "check kiter" since you are opening so many new accounts.

I realize I am in the minority, but since almost all of my MSing is done using credit cards, I just mail the money orders directly to the credit card companies. I had trouble with Chase, but never a complaint from AMEX, Barclays, Wells Fargo, US Bank, or Bank of America. I just think it us easier than dealing with fickle banks.

ziwei

Thank you Andy. Your reply makes a lot of sense. I will give up the plan to open 4 new bank accounts. My employer has a credit union for employees, and I guess it is better than other banks to deposit MO. I will probably open an account with the credit union.

Indeed my phrasing is terrible. Your way of thinking and describing it is much better. I appreciate it.

Crandall

Smells like money laundering.

myfrogger

I know people have posted horror stories but I honestly think you can just use a couple banks and be fine. Maybe $25-30k/mo maximum? Not sure. I think you could do any amount.

I've used a variety of banks, get a good relationship with the tellers and branch managers, and have never--ever had an issue anywhere I've banked at.

Andy2

I realize there are not a tremendous number of individual income tax audits, but one reason I have never liked depositing money orders into bank accounts is that a full IRS audit requires the individual to give all bank statements to the IRS auditor. If the audit was triggered by a SAR, you do not want to start off by lying and denying the existence of bank accounts. So you arrive at the audit with 10-20 different bank accounts and have to explain that. Even if a person only has a few accounts, it will be necessary to explain how all of this works so the agent does not count the $200,000 - $300,000 of deposits as taxable income. So a person has to show documentation that he bought and deposited the money orders. Sure it can be done, but if just adds to the pain in the rear end factor. That is why I prefer to just mail money orders to the credit card company. Anyone who does MSing will have some level of hassle upon IRS audit no matter what, but true deposits (as opposed to electronic transfers) are always going to be scrutinized most closely.

That having been said, I do not see any of this being money laundering. There are no illicit funds to be cleansed.

ziwei

I am not worrying the bank tellers or managers in individual banks. I worry some third party, not visible to us, may detect all my MO deposits, and then file a report. For example, as Andy2 mentioned, the money order issuer is one possibility.

Actually I have only 2 months left for my OBC, so I want to hit harder in the last two months. After that, with the 50K cap, serve only is enough.

Andy2

The process of getting a refund for a lost money order is extremely manual with respect to both Moneygram and Western Union, so it is very unlikely that they are entering information regarding each purchaser into a computer and sorting them, especially since most of the information filled out on the money order is in ink, often in cursive. That would be an enormous administrative effort for them, and I doubt that it happens. If it did, the recovery system would not be so manual.

For what it is worth, I used to hit the Blue Cash card really heavily, and I use the Starwood Amex for a lot of business expenses, so I often mailed 30-50 money orders a month to AMEX with no complaints. Well, they cancelled my Blue card, but it was not because of the money orders!

Domat

You sent them all individually or did you send more then one per envelope?

Andy2

Always one per envelope. Most credit card companies use robots and they can't deal with more than one payment in an envelope.