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-   -   AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities (https://www.flyertalk.com/forum/manufactured-spending/1242493-amex-target-400-week-credit-card-atm-withdrawals-1-3-certain-cities.html)

italdesign Apr 26, 14 12:22 am

Didn't see it discussed in the last ~50 posts, so ask shall I.

Is it true that the only way to pay the CC that I used to fund AFT, with those funds from AFT, would be to withdraw from ATM, deposit to bank, and pay CC from bank? If so, any concern with withdrawing AND depositing $400 cash per day for ~12 days in a row? Or would it be better to deposit $5000 cash at once?

italdesign Apr 27, 14 12:35 am

Any thoughts/pointers?


Originally Posted by italdesign (Post 22763552)
Didn't see it discussed in the last ~50 posts, so ask shall I.

Is it true that the only way to pay the CC that I used to fund AFT, with those funds from AFT, would be to withdraw from ATM, deposit to bank, and pay CC from bank? If so, any concern with withdrawing AND depositing $400 cash per day for ~12 days in a row? Or would it be better to deposit $5000 cash at once?


nakataboi Apr 27, 14 1:35 am


Originally Posted by sosamo (Post 22683646)
I am in SoCal, anybody with tips let me know also :D

p.s. my costco don't have an ATM machine.

Are you sure....
Off the top of my head, the 5 I go to all have it either near the customer service (returns) line or somewhere near the inside food court.

Which one are you closest to?

vinhboy Apr 27, 14 10:14 am


Originally Posted by italdesign (Post 22763552)
Didn't see it discussed in the last ~50 posts, so ask shall I.

Is it true that the only way to pay the CC that I used to fund AFT, with those funds from AFT, would be to withdraw from ATM, deposit to bank, and pay CC from bank? If so, any concern with withdrawing AND depositing $400 cash per day for ~12 days in a row? Or would it be better to deposit $5000 cash at once?

1) Holding $5000 in cash in dangerous, I don't recommend it
2) Depositing $5000 in cash at once may trigger SARs filing.

Because of the above, I would deposit in smaller amounts.

Lumpylump76 Apr 27, 14 11:30 am


Originally Posted by vinhboy (Post 22768949)
1) Holding $5000 in cash in dangerous, I don't recommend it
2) Depositing $5000 in cash at once may trigger SARs filing.

Because of the above, I would deposit in smaller amounts.

Be careful with that advice. Depositing large cash amounts may trigger reporting requirements, but if you have backup data and valid income, nothing to worry about.

If you deposit in smaller amounts to avoid this reporting, you are actually breaking the law. See: http://en.wikipedia.org/wiki/Structuring

italdesign Apr 27, 14 11:49 am


Originally Posted by Lumpylump76 (Post 22769223)
If you deposit in smaller amounts to avoid this reporting, you are actually breaking the law. See: http://en.wikipedia.org/wiki/Structuring

True but that wouldn't be the reason for the smaller deposits in this case (the reason being we're limited by the max withdraw per day). Since the intent isn't to structure, I'm not worried about that. However, I am concerned about the bank potentially shutting me down due to their internal policy. Would they shut me down over $400 cash/day x 12 days in a row? I'm not sure and any data point/thoughts would be helpful.

Thanks.

Haleyb Apr 27, 14 3:26 pm

Bill pay at Walmart with cash is another option.

savekenny Apr 27, 14 3:33 pm

AmEx for Target: $400/week credit card ATM withdrawals for 1.3%+ in certain cities
 
My work place has a fee free ATM but it's limited to $300.

After the first withdrawal monthly, to empty out $1k still takes $9.67. $3 + $2 * 3.33. I guess this would be better than OV.

Haleyb Apr 27, 14 3:44 pm

I also sometimes buy $500 Visa Gift Cards for $4.95. It is slightly more in fees but saves a Costco trip. I don't do the $5.95 ones unless there is a 'deal' on them.

Right now at Safeway and all the related stores, Tom Thumb, Randell's and so on, you can get a $10 off next purchase coupon when you buy a $100 Am Ex gift card. Buy $100 AmEx and $500 Visa GC, pay $11.90 in fees. On next purchase throw in a few groceries you need and use the $10 off.

11.90 fees first purchase of $600
1.90 fees second $600
1.90 fees third $600
1.90 fees fourth $600

$17.60 in fees to unload $2400 and the cost per $1 goes down the more you do it. But those $100 AmEx gift cards are a pain to use. Last month the same deal was for MC GC and so I did more of it. So I'll do this four times, with weekly grocery shopping.

Almost any of the methods to lower costs on MS apply to unloading the card.

Haleyb Apr 27, 14 4:00 pm


Originally Posted by italdesign (Post 22769290)
True but that wouldn't be the reason for the smaller deposits in this case (the reason being we're limited by the max withdraw per day). Since the intent isn't to structure, I'm not worried about that. However, I am concerned about the bank potentially shutting me down due to their internal policy. Would they shut me down over $400 cash/day x 12 days in a row? I'm not sure and any data point/thoughts would be helpful.

Thanks.

Open a couple of free checking accounts at other banks. I would not risk my primary bank account.

sosamo Apr 28, 14 12:16 pm

Question. I visited an ATM machine for the first time today. When it ask you which account to withdraw from:
Checking
Saving
Credit Card

What do you choose?

raccah Apr 28, 14 12:20 pm


Originally Posted by sosamo (Post 22774451)
Question. I visited an ATM machine for the first time today. When it ask you which account to withdraw from:
Checking
Saving
Credit Card

What do you choose?

checking works fine for me

sosamo Apr 28, 14 12:29 pm


Originally Posted by nakataboi (Post 22767731)
Are you sure....
Off the top of my head, the 5 I go to all have it either near the customer service (returns) line or somewhere near the inside food court.

Which one are you closest to?

The Costco I go to is in the City of Industry, CA. This one, the food court is outside, not inside the Costco.

sosamo Apr 28, 14 5:06 pm

Nvm. the Costco does have an ATM machine :D

exarkun Apr 28, 14 7:28 pm


Originally Posted by sosamo (Post 22776120)
Nvm. the Costco does have an ATM machine :D

I've never seen an automated teller machine machine.


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