Gift Card and gas Promo at Stop & Shop or Giant

[bznt]

I went last week to CS desk. And the rep. Wrote down my license info in a book where they keep track of western union transactions. She said its for the government. 
Last night the same rep was there but she had already clocked out and she saw me. She verified my license and said that she will look at the camera tomorrow And document it. I think its all BS

[joey123]

Milk it when it's still around 

[HDS]

It's like anything else we do.

Always be nice to people. Full stop.

Keep in mind that the amounts of money we throw around are plenty enough to get an employee fired if they mishandle something, or if their manager even thinks that there is a chance that they possibly mishandled something. The employees know that they are lucky to have these jobs, and also that their managers wouldn't have trouble finding someone to replace them if necessary.

Know when to ask to speak with a manager to verify a policy and when to politely fold your cards and go try another store.

[joey123]

Know when to ask to speak with a manager to verify a policy and when to politely fold your cards and go try another store.

+1 Well said

[Super Speed]

I went last week to CS desk. And the rep. Wrote down my license info in a book where they keep track of western union transactions. She said its for the government. 
Last night the same rep was there but she had already clocked out and she saw me. She verified my license and said that she will look at the camera tomorrow And document it. I think its all BS

They keep thos books for internal records sort of like CVSs license scan.

[churnbabychurn]

They keep thos books for internal records sort of like CVSs license scan.

They are complying with the law. They must report it. see here: http://en.wikipedia.org/wiki/Bank_Secrecy_Act

[AJK]

They are complying with the law. They must report it. see here: http://en.wikipedia.org/wiki/Bank_Secrecy_Act

-1

[churnbabychurn]

-1

Give us more than just a -1, Im losing sleep over here! 

Monetary Instrument Log (MIL)[edit]
The MIL must indicate cash purchases of monetary instruments, such as money orders, cashier's checks and traveler's checks, in value totaling $3,000 to $10,000, inclusive. This form is required to be kept on record at the financial institution, and produced at the request of examiners or audit to verify compliance. A financial institution must maintain a Monetary Instrument Log for five years.
Suspicious Activity Report (SAR)[edit]
Main article: Suspicious activity report
The SAR must report any cash transaction where the customer seems to be trying to avoid BSA reporting requirements by not filing CTR or MIL, for example. A SAR must also be filed if the customer's actions suggest that he is laundering money or otherwise violating federal criminal laws and committing wire transfer fraud, check fraud or mysterious disappearances. The bank should not let the customer know that a SAR is being filed. These reports are filed with the Financial Crimes Enforcement Network ("FinCEN"). This requirement and its accompanying implied gag order was added by the Annunzio-Wylie Anti-Money Laundering Act § 1517(b) (part of the Housing and Community Development Act of 1992, Pub.L. 102–550, 106 Stat. 3762, 4060).

[bznt]

I bought only $1500 .

[AJK]

Give us more than just a -1, Im losing sleep over here! 

Last I checked (and to be honest, that's never), Stop & Shop is not considered a "financial institution" as that term is used in the statute.

[ChaimMoskowitz]

Last I checked (and to be honest, that's never), Stop & Shop is not considered a "financial institution" as that term is used in the statute.

even if it was who is using "cash" to make these purchases.

[churnbabychurn]

Last I checked (and to be honest, that's never), Stop & Shop is not considered a "financial institution" as that term is used in the statute.

-1

https://www.linkedin.com/jobs2/view/10411409   

[ChaimMoskowitz]

-1

https://www.linkedin.com/jobs2/view/10411409   

where does it say it is a FI?

[churnbabychurn]

where does it say it is a FI?

Not sure if you are following the convo.

[ChaimMoskowitz]

Not sure if you are following the convo.

sorry if I joined late. can you give me a quick recap?

[AJK]

-1

https://www.linkedin.com/jobs2/view/10411409   

I stand corrected on the financial institution aspect, as shown below.  Thus, as an issuer of MO's, it's falls within the purview of BSA.  That said, I am nonetheless still correct that BSA does not apply, as these are not cash transactions, as noted by ChaimMoskowitz.

(2) “financial institution” means—
...
(K) an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, or similar instruments;

[churnbabychurn]

I stand corrected on the financial institution aspect, as shown below.  Thus, as an issuer of MO's, it's falls within the purview of BSA.  That said, I am nonetheless still correct that BSA does not apply, as these are not cash transactions, as noted by ChaimMoskowitz.

I cant find anything explicit right now, but according to this article It would imply that gift cards are specifically mentioned to be a suspicious purchase.
I am pretty sure that the stores are filing CTR's on GC purchased with CC also. (even if they may be technically wrong...)




ETA: credit card fraud is specifically mentioned as a suspicious activity that would warrant a report.
18 U.S.C. Section 1344 - Bank Fraud

[ChaimMoskowitz]

I am pretty sure that the stores are filing CTR's on GC purchased with CC also.

i am pretty sure they are not. they might be filling out their bogus form but not a CTR. i think I am getting the hang of this convo. 

[AJK]

I cant find anything explicit right now, but according to this article It would imply that gift cards are specifically mentioned to be a suspicious purchase.
I am pretty sure that the stores are filing CTR's on GC purchased with CC also. (even if they may be technically wrong...)




ETA: credit card fraud is specifically mentioned as a suspicious activity that would warrant a report.
18 U.S.C. Section 1344 - Bank Fraud

I'm confused. I thought we were talking about MIL? Now you're mentioning CTR.

We're talking about whether S&S has a requirement to take down info for purchases of GC with CC, correct?

Well, we've established that they're not required to file a MIL. And, for all purchases less than $10K, no CTR is required either.

As far as an SAR, that cannot be warranted for every single transaction over X amount. X amount is not per se "suspicious."

Bottom line here is that the "the form" may be internally required by management, but it isn't legally required by Congress.

[churnbabychurn]

As far as an SAR, that cannot be warranted for every single transaction over X amount. X amount is not per se "suspicious."

Bottom line here is that the "the form" may be internally required by management, but it isn't legally required by Congress.

Sorry for being confusing.
The bottom line is that that the markets are taking down personal info for people purchasing thousands of dollars worth of gift cards with CC'ds.

I am asserting that they are taking down this info to file Suspicious activity reports. (SAR's) My uneducated guess is that these types of transactions are inherently suspicious. The fact that cash was not used, or that a GC is purchased do not make it less suspicious. They are mandated to file SARs specifically when GC's are involved and specifically when CC fraud is suspected.
They can also voluntarily electronically file a SAR report just to cover their bases even if not strictly required.

It is reckless to assume that they are collecting the info necessary for a SAR only for their internal use.