Originally Posted by
Happy
Isn't that only giving out $500 face value?
Someone actually reported being harassed by Chase Security Dept by paying his Chase card with too many small value Money Orders and that "small value" actually is at $1000 apiece, that he was "structuring"...
Imagine depositing doz of $500 MOs to a bank account...
There is an offense called structuring which is avoiding reporting thresholds by creating a large number of smaller transactions.
Originally Posted by
Andy2
A really bad thing happens, much worse than getting on the monetary transaction log that WalMart keeps for transactions for transactions of between $3,000 and $9,999. As the banker pointed out in an earlier post, financial places are specifically instructed to file a SAR if a customer refuses to provide information after being informed that it is required in a cash transaction. Plus WalMart will just cancel the order and not give you the money orders, and they have a lot of information to file the SAR when you gave them the debit card and you really do not want that SAR to say the customer became uncooperative when we asked him for information to authenticate himself, at least in my opinion.
This.