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Thread: Suspicious Activity Reports to the IRS when buying or depositing money orders.
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Old Sep 9, 2017, 9:41 am
  #1388  
Carl Christensen
 
Join Date: Apr 2014
Programs: Hilton - Diamond, IHG - Spire Amb
Posts: 901
Originally Posted by in4tar
I posted this question in "Buying MO at Walmart" thread, but perhaps this is a better place for my question.
Assuming getting MOs is not a problem, how do you dispose of them? I am doing on average anywhere between 10-20K a month. I have a CU account where I slowly and steadily deposit around 10K a month. I used to send the rest directly to my credit cards as payments. However, I recently got a phone call from Amex customer service asking me to stick to "one form of payment" (they said that I could pay by MO but it has to be just one MO, not multiple). So it gave me pause.
Now I am not sure how I should dispose of the MOs - deposit more than 10K per month into one account? Open several accounts and deposit smaller amounts? The advise I get is often conflicting. I wish to avoid shutdown by my bank yet avoid "structuring" as well.
How do you guys dispose of your MOs??
As a contrary point of view, step up you deposits to your CU and do all of it through them. When I'm on my game and not slacking I'm depositing ~50k MO per month to my local CU and pulling payment from the CC directly from the CU checking. If I'm slacking, I may only do 30k
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