Unless you are actually laundering drug money or cheating on your taxes I don't think you have anything to worry about. If they file CTRs or SARs it probably increases the chances of getting audited by the IRS, but that's the worst that could happen. If you did get audited by the IRS, there is a paper trail showing the money was already yours and wasn't income, so you should be fine.

There is nothing illegal about withdrawing cash from one account and depositing it into another, nor do you incur any tax liability when doing so. The only thing they could possibly get you for is structuring, but if you are making many individual deposits smaller than $10k because you are only allowed to withdraw $400/day from each prepaid card, that is not structuring. It is only structuring if your intent is to evade reporting requirements. If the feds start asking questions about your deposits, all you have to do is tell them the truth and you're in the clear.

While that's all true, going through an IRS audit is very time consuming, and, should you involve a lawyer and/or accountant, very costly. Yes, you should be able to prove you were just after miles and points and avoid a penalty, but it's not without its costs.

^

If U can demonstrate that U have the records required and explain the legitimate intentions, they will move on quickly.

Let's hope it stays up. Given the recent events, I didn't want to load VRs without making sure my account was still active. :)

a lawyer and accountant are impotent without records

The IRS is well aware of frequent flier mileage freaks. It is pretty straightforward with records, just show and explain them. That also resolves any SARs and CTRs that have been recorded

Agreed, however tonight, I tried purchasing an MO for 2K and my card got denied. I checked my account and it said active. I went to purchase some gum and it went through using debit. I went back to Walmart and tried to cash out, denied again! Has this happened to anyone? Is there some sort of explanation? I definitely don't want to call.

You cannot do 2k in 1 transaction

Yes, I even went down to 500.

I guess that depends on the transaction, or merchant, because I paid over 2K IRS taxes. Anyway, I was wondering if MVDs can be used simply as debit gift cards, without having to request the permanent card.

I am unable to connect to the website again this morning. Anyone else having this problem?

Yup. Down again. And loading problems too, now.

But a note this time:

How do you like my nick now :)
 

We apologize. myvanilladebitcard.com is experiencing technical difficulties, please try back later.

:D

I do CAs greater than $2K all the time. In fact....I've never done a CA for less than $2K...not worth my time otherwise.

Whew! Just unloaded my MVD via a CA yesterday...out before the lock!

josephstern pls countdown time to death of these ....ers MVD ......a few days will go bankrupt !!!