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Funds Transfer Report (for buying MO at Post Office)

Funds Transfer Report (for buying MO at Post Office)

Old Jan 21, 16, 9:28 am
  #1  
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Funds Transfer Report (for buying MO at Post Office)

I found a post office that has been very conducive for buying money orders. But, today after my first MO purchase I was asked to fill out a "Funds Transfer Report (FTR)". Seems to be very intrusive. Driver License Number etc. which they say they'll match to my id.

Has anyone filled out this form? I hate to lose this spot and if I filled this out it seems like they would still keep letting me hit $5K a day here. But, it really gives me the creeps thinking that this info would be going to some government organization. I see USPS BSA Compliance as the address for the form. I took the form back with me, but did not give them the info on this last trip.

Here is the form I found online:
https://about.usps.com/forms/ps8105a.pdf

Last edited by cdog999; Jan 21, 16 at 9:31 am Reason: link to the form
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Old Jan 21, 16, 9:32 am
  #2  
 
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Originally Posted by cdog999 View Post
I found a post office that has been very conducive for buying money orders. But, today after my first MO purchase I was asked to fill out a "Funds Transfer Report (FTR)". Seems to be very intrusive. Driver License Number etc. which they say they'll match to my id.

Has anyone filled out this form? I hate to lose this spot and if I filled this out it seems like they would still keep letting me hit $5K a day here. But, it really gives me the creeps thinking that this info would be going to some government organization. I see USPS BSA Compliance as the address for the form. I took the form back with me, but did not give them the info on this last trip.

Here is the form I found online:
https://about.usps.com/forms/ps8105a.pdf
LOL. Have fun with the postal inspectors.
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Old Jan 21, 16, 9:57 am
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<mutters>newman!</mutters>
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Old Jan 21, 16, 10:03 am
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Originally Posted by cdog999 View Post
I found a post office that has been very conducive for buying money orders. But, today after my first MO purchase I was asked to fill out a "Funds Transfer Report (FTR)". Seems to be very intrusive. Driver License Number etc. which they say they'll match to my id.

Has anyone filled out this form? I hate to lose this spot and if I filled this out it seems like they would still keep letting me hit $5K a day here. But, it really gives me the creeps thinking that this info would be going to some government organization. I see USPS BSA Compliance as the address for the form. I took the form back with me, but did not give them the info on this last trip.

Here is the form I found online:
https://about.usps.com/forms/ps8105a.pdf
You must not realize how you look buying 5k each time you walk in. They're now in the process of filing a SAR on you. Thanks for giving this warning out to others on FT that don't realize they're buying too much in each visit, not just at this place but any retailer. Most retailers will file a SAR on someone at 3k in MOs. Slow down folks!!
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Old Jan 21, 16, 10:11 am
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Yikes... I definitely hit a nerve with this. I've been rotating places to get MOs, but honestly doing 5K -7K spend a day there is sometimes a need to "go faster". I'm super hesitant to fill out any forms other than when the grocery store near me or WM copies down some info from my driver's license. Doubt I want to go anywhere near filling out a post office form.
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Old Jan 21, 16, 10:14 am
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Originally Posted by cdog999 View Post
Yikes... I definitely hit a nerve with this. I've been rotating places to get MOs, but honestly doing 5K -7K spend a day there is sometimes a need to "go faster". I'm super hesitant to fill out any forms other than when the grocery store near me or WM copies down some info from my driver's license. Doubt I want to go anywhere near filling out a post office form.
Too late! Remember...they know where you live...
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Old Jan 21, 16, 3:37 pm
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3K seems to be the trigger. From the pdf OP linked:
"By federal law, the United States Postal Service® is required to obtain information from the purchaser of money orders, wire transfers, and stored value cards when the dollar amount of cash purchases total $3,000 or more (31 USC 5325 and 5331). Multiple purchases during one business day totaling $3,000 or more must be treated as one purchase, and the information must be obtained if a Postal Service™ employee knows or has reason to believe that multiple purchases are being made. Postal Service policy also requires information to be obtained for cash purchases of wire transfers and stored value cards between $1,000 and $3,000."
"Providing the information is voluntary, but if not provided, we may not process your transaction."
It asks for SSN in addition to DL or passport or military ID.
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Old Jan 21, 16, 6:55 pm
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Originally Posted by sbft77 View Post
3K seems to be the trigger. From the pdf OP linked:
"By federal law, the United States Postal Service® is required to obtain information from the purchaser of money orders, wire transfers, and stored value cards when the dollar amount of cash purchases total $3,000 or more (31 USC 5325 and 5331). Multiple purchases during one business day totaling $3,000 or more must be treated as one purchase, and the information must be obtained if a Postal Service™ employee knows or has reason to believe that multiple purchases are being made. Postal Service policy also requires information to be obtained for cash purchases of wire transfers and stored value cards between $1,000 and $3,000."
"Providing the information is voluntary, but if not provided, we may not process your transaction."
It asks for SSN in addition to DL or passport or military ID.
Yeah, I mentioned that to the guy after reading the form. He said "but you came in the other day and bought some". The way the form is written it only has 1 transaction date. I didn't want to argue. I'll try back again next week. Was able to dump the remaining 5k I had burning a hole in my pocket at WM.
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Old Jan 21, 16, 7:07 pm
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Originally Posted by cdog999 View Post
Yeah, I mentioned that to the guy after reading the form. He said "but you came in the other day and bought some". The way the form is written it only has 1 transaction date. I didn't want to argue. I'll try back again next week. Was able to dump the remaining 5k I had burning a hole in my pocket at WM.
did it cross your mind that you're now tagged?

if you're a glutton for punishment, go right ahead!
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Old Jan 21, 16, 7:30 pm
  #10  
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$5,000 per day in USPS money orders?!

This guy might as well have sent written invitations to the nearest postal inspectors.
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Old Jan 21, 16, 10:05 pm
  #11  
 
Join Date: Mar 2014
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SARs

Originally Posted by sbft77 View Post
3K seems to be the trigger. From the pdf OP linked:
"By federal law, the United States Postal Service® is required to obtain information from the purchaser of money orders, wire transfers, and stored value cards when the dollar amount of cash purchases total $3,000 or more (31 USC 5325 and 5331). Multiple purchases during one business day totaling $3,000 or more must be treated as one purchase, and the information must be obtained if a Postal Service™ employee knows or has reason to believe that multiple purchases are being made. Postal Service policy also requires information to be obtained for cash purchases of wire transfers and stored value cards between $1,000 and $3,000."
"Providing the information is voluntary, but if not provided, we may not process your transaction."
It asks for SSN in addition to DL or passport or military ID.
SARs (in general, not just at USPS) are much more far-reaching. Banks/stores/merchants can file for suspicious trx of any amount. They will also file if you decline to process (maybe they have your name or know you're a current customer). They cannot disclose that they are filing (e.g. they don't always give you a form on a platter).

A couple of SARs aren't problematic per se, but as others said, tread lightly.
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Old Jan 22, 16, 12:11 am
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Originally Posted by sbft77 View Post
"By federal law, the United States Postal Service® is required to obtain information from the purchaser of money orders, wire transfers, and stored value cards when the dollar amount of cash purchases total $3,000 or more (31 USC 5325 and 5331).
Anybody who takes two seconds to read the quoted form can see that this reporting requirement applies only to cash purchases. Debit cards are not cash. They are debit cards.

In my opinion, it is possible that this postal employee is targeting you. He sees you come in regularly, knows you have money as a result, and now is attempting to deceive you into thinking you are required to reveal your personal information in an attempt to utilize it in an identity theft scheme. I would politely decline and if the employee pressures you, I would notify the employee that his attempt to steal your identity will not be successful and if he continues pressuring you, you will have no choice but to contact law enforcement and report him.

Cliffs:

debit cards are not cash

/thread

Last edited by Lucky888; Jan 22, 16 at 12:25 am
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Old Jan 22, 16, 3:19 am
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Originally Posted by Lucky888 View Post
Anybody who takes two seconds to read the quoted form can see that this reporting requirement applies only to cash purchases. Debit cards are not cash. They are debit cards.

In my opinion, it is possible that this postal employee is targeting you. He sees you come in regularly, knows you have money as a result, and now is attempting to deceive you into thinking you are required to reveal your personal information in an attempt to utilize it in an identity theft scheme. I would politely decline and if the employee pressures you, I would notify the employee that his attempt to steal your identity will not be successful and if he continues pressuring you, you will have no choice but to contact law enforcement and report him.

Cliffs:

debit cards are not cash

/thread
The distinction between debit cards / stored value cards / cash is not quite as clear as you state, and a great number of places choose to do a daily monetary log for any debit or stored value card transaction of $3,000 or more. WalMart simply programmed there computers to require this information for debit card transactions of $3,000 or more, as all of us learned who earned US Airways and Alaska miles at WalMart using Bank of America debit cards - clearly they viewed it as a cash-equivalent transaction, presumably the deemed withdrawal of cash from the debit card followed by the deemed purchase of money orders with that cash. That does not mean they are also doing a SAR for the transaction, but it increases the likelihood that they might. The form he described is likely used in the preparation of the daily monetary log, and in my humble opinion, sort of threatening the employee would increase the likelihood of a SAR being filed. If you do not believe there is debate as to whether debit / stored value cards represent cash, you should consider the rules on carrying $10,000 or more across borders. It is the government's worst nightmare that drug dealers can load $1 million on stored value cards and put all the cards in a carry on. Although I realize that most stored value cards cannot be used overseas, I read in a government study on the subject that customs considered adding machines that can read the value of stored value cards when a person is searched. Sometimes the law is not what a literal reading says it is, but is instead what the government employee says it is.

Last edited by Andy2; Jan 22, 16 at 6:55 am
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Old Jan 22, 16, 5:50 am
  #14  
 
Join Date: Jul 2014
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Originally Posted by Lucky888 View Post
Anybody who takes two seconds to read the quoted form can see that this reporting requirement applies only to cash purchases. Debit cards are not cash. They are debit cards.

In my opinion, it is possible that this postal employee is targeting you. He sees you come in regularly, knows you have money as a result, and now is attempting to deceive you into thinking you are required to reveal your personal information in an attempt to utilize it in an identity theft scheme. I would politely decline and if the employee pressures you, I would notify the employee that his attempt to steal your identity will not be successful and if he continues pressuring you, you will have no choice but to contact law enforcement and report him.
what good will that do? To tell the employee he/she is attempting to steal your identity is more than asking for trouble. I understand OP thought he found his golden goose but threatening the 'goose caretaker' is the worst thing anyone can do. Since OP wants to come back to this PO, he might as well be very diplomatic instead of threatening. But that doesn't mean he is exempted from filling the forms.
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Old Jan 22, 16, 10:52 am
  #15  
 
Join Date: Jan 2016
Posts: 76
Originally Posted by Lucky888 View Post
Anybody who takes two seconds to read the quoted form can see that this reporting requirement applies only to cash purchases. Debit cards are not cash. They are debit cards.

In my opinion, it is possible that this postal employee is targeting you. He sees you come in regularly, knows you have money as a result, and now is attempting to deceive you into thinking you are required to reveal your personal information in an attempt to utilize it in an identity theft scheme. I would politely decline and if the employee pressures you, I would notify the employee that his attempt to steal your identity will not be successful and if he continues pressuring you, you will have no choice but to contact law enforcement and report him.

Cliffs:

debit cards are not cash

/thread
You, my friend, are heading for a world of hurt. Enjoy the ride.
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