M$ in relation to your income.
Mar 19, 2015, 8:01 am
#16
Join Date: Jun 2011
Location: Virginia
Programs: AA Gld 1MM; Marriott Silver; Hilton Gold
Posts: 47
I don't understand why KIVA even exists if there is a 1.5% chance that the loan will not be paid back??
I already have 4 savings accounts and 2 checking. I don't want to add anymore. My main savings is already earning 0.99% in an Ally Bank account. I doubt Citi can even come close to that.
As far as debit card plays, do you mean buying VGC's from grocery stores and Staples? I also have been crunching numbers for buying Amex GC's through TopCashBack and turning those into VGC's.
I already have 4 savings accounts and 2 checking. I don't want to add anymore. My main savings is already earning 0.99% in an Ally Bank account. I doubt Citi can even come close to that.
As far as debit card plays, do you mean buying VGC's from grocery stores and Staples? I also have been crunching numbers for buying Amex GC's through TopCashBack and turning those into VGC's.
My support of Kiva has very little to do with my MS.
Mar 19, 2015, 9:22 am
#18
Original Poster
Join Date: Jan 2015
Location: Champaign, IL
Programs: Total Rewards Diamond, Wyndham Diamond, Marriott Gold, AA Gold
Posts: 564
Mar 19, 2015, 10:12 am
#19
Join Date: Aug 2013
Posts: 1,207
Personal cards are also different than business cards. If they want, they can ask for records of sales, etc, to justify high business expenses on your business cards. You shouldnt be running a business on personal cards, and I think the t&cs of cards even say something to the fact (its been a while but I seem to remember something relating to it). Also, I gather you were likely ACTUALLY running a business, so of course, they should have no problem with that, but its quite obvious if someone looks at your accounts that you are actually running a business and not MSing....
Mar 19, 2015, 10:37 am
#20
Original Poster
Join Date: Jan 2015
Location: Champaign, IL
Programs: Total Rewards Diamond, Wyndham Diamond, Marriott Gold, AA Gold
Posts: 564
Well now I have lots of insight from lots of different angles. Thanks guys!
I think I will get that second RedBird after all.
I think I will get that second RedBird after all.
Mar 19, 2015, 11:31 am
#21
Join Date: Jan 2013
Location: NYC
Posts: 415
Mar 19, 2015, 4:19 pm
#24
Join Date: Jan 2015
Location: LAX
Programs: AA, DL, Hyatt, Hilton
Posts: 127
Mar 19, 2015, 4:25 pm
#25
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Just to clarify:
You fund KIVA with a US Banks Flexperks card at 3X and be sharp on picking your loans. My losses are pennies on close to 10k in loans.
The point is to bag miles for funding short term accounts. Funding 30 day CDS, for example.
Debit cards attached to checking accounts that pay you per transaction in coin or miles. Real debit cards, the kind that will still work even if WU has its way.
You fund KIVA with a US Banks Flexperks card at 3X and be sharp on picking your loans. My losses are pennies on close to 10k in loans.
The point is to bag miles for funding short term accounts. Funding 30 day CDS, for example.
Debit cards attached to checking accounts that pay you per transaction in coin or miles. Real debit cards, the kind that will still work even if WU has its way.
I don't understand why KIVA even exists if there is a 1.5% chance that the loan will not be paid back??
I already have 4 savings accounts and 2 checking. I don't want to add anymore. My main savings is already earning 0.99% in an Ally Bank account. I doubt Citi can even come close to that.
As far as debit card plays, do you mean buying VGC's from grocery stores and Staples? I also have been crunching numbers for buying Amex GC's through TopCashBack and turning those into VGC's.
I already have 4 savings accounts and 2 checking. I don't want to add anymore. My main savings is already earning 0.99% in an Ally Bank account. I doubt Citi can even come close to that.
As far as debit card plays, do you mean buying VGC's from grocery stores and Staples? I also have been crunching numbers for buying Amex GC's through TopCashBack and turning those into VGC's.
Mar 19, 2015, 8:53 pm
#26
FlyerTalk Evangelist
Join Date: Apr 2002
Location: Madison, WI, USA
Posts: 14,162
Why would they fill out a SAR when they trust me?
Last edited by PaulMSN; Mar 19, 2015 at 9:01 pm
Mar 19, 2015, 9:16 pm
#27
FlyerTalk Evangelist
Join Date: Oct 2014
Posts: 10,904
I don't think that there are any exact triggers. The whole point is that the criteria are not well-defined. They are supposed to do it if they think that your behavior is suspicious. If the law defined exactly what was considered suspicious, then people could avoid them (like they do with the $10k CTR limit... not that I am recommending structuring to anyone)
Mar 19, 2015, 10:54 pm
#28
Join Date: Jan 2015
Location: LAX
Programs: AA, DL, Hyatt, Hilton
Posts: 127
I don't think that there are any exact triggers. The whole point is that the criteria are not well-defined. They are supposed to do it if they think that your behavior is suspicious. If the law defined exactly what was considered suspicious, then people could avoid them (like they do with the $10k CTR limit... not that I am recommending structuring to anyone)
MSBs must file a Currency Transaction Report (CTR) within 15 days whenever a transaction or series of transactions in currency:
Involves more than $10,000 in either cash-in or cash-out, and
Is conducted by, or on behalf of, the same person, and
Is conducted on the same business day.
So I think we have pretty strong evidence to suspect that they have been filing SARs since they are, by law, required to do so. The banks have to file with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN); "FinCEN collects and analyzes the information to support law enforcement investigative efforts and to provide U.S. policy makers with strategic analyses of domestic worldwide money laundering developments, trends and patterns."
For what its worth, I would rather have them file it with FinCEN rather than the IRS.
Mar 20, 2015, 1:06 am
#29
FlyerTalk Evangelist
Join Date: Apr 2002
Location: Madison, WI, USA
Posts: 14,162
The law is not designed to deal with people depositing MOs. It's certainly possible one could become caught up in it if a bank official is overzealous, but as I said, no one knows.
Mar 20, 2015, 7:40 am
#30
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Even a blind man can smell bleach.
They're looking for money launderers. We have almost nothing to suspect they are filing SARs for MO deposits.
The law is not designed to deal with people depositing MOs. It's certainly possible one could become caught up in it if a bank official is overzealous, but as I said, no one knows.
The law is not designed to deal with people depositing MOs. It's certainly possible one could become caught up in it if a bank official is overzealous, but as I said, no one knows.