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Ill spell it out for the feeble.
You dont call up and ask if they take Visa gift cards for  a money order.
You dont call up and ask if they take Mastercard gc for a MO
You dont flippin call!


You go into a store and ask for an MO and she says ok its, XXX.XX say no p, take out your debit card and swipe. If the rep says no debits then apologize and leave. If she says lemme see that is that a gc say NO ITS A DEBIT. if she asks wheres your name you say (among many other options to think of) the permanent one is on the way and im using the temp one until i receive it. If you need to swipe more than once, its ok to have multiple debits (for those who are lacking in common sense). But be nonchalant dont be in your face about it to the rep. Reps want to feel they're in charge, its natural for a minimum paid employees...




I think this should give the basics on how to get a MO if you find a place.... this is not rocket science. But it seems like it is to some.... Where to cash out GCs for MO:

Where                                       Which gift card                                   Fee                                     max MO amount                                   

Service desk @ Wal-Mart                  MVD,  Visa from Meta bank,                                  70 cents                                           $1000
                                                  chase (phased out)                                                                                      $1000   
                                                     
Rite Aid                                                                                                 $0.89                                          $500
       
"HaNesher HaGadol"                            One Vanilla                                 .52                                          $500 max     
meijer-69 cents up to $1000-most stores
NOTES:
MVD charges 50 cents per transaction so ask for MO of card amount- (fee+ 50 cents) eg @WM ask for 498.80 on MO (or cover $1.20 some other way)
« Last edited by bb1836 on June 04, 2015, 06:22:46 PM »

Author Topic: Money Orders (USPS RIP 11/3/17)  (Read 308885 times)

Offline ExGingi

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Re: Money Orders
« Reply #1080 on: November 30, 2016, 11:37:55 AM »
Lets be realistic here.
I said:
I am a greater AML and compliance hawk.

I will always err on the side of caution, rather than get an unpleasant surprise for myself or my clients. I might lose business in the short term due to this, as clients might choose to go to someone less risk averse, but I believe it serves everyone well in the long term.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Money Orders
« Reply #1081 on: November 30, 2016, 11:40:24 AM »
Let's be clear. I am not saying that anyone will get into trouble for specific activities. What I am saying is that specific activities WILL be reported further, and not just stay with the teller.
That is why I always deposit over 10k. Let them report it. I am not doing anything illegal. At least with MO's there is a paper trail. With cash there is not and you will have a lot harder time when you get that knock on the door.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline JTZ

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Re: Money Orders
« Reply #1082 on: November 30, 2016, 11:43:13 AM »
I will always err on the side of caution, rather than get an unpleasant surprise for myself or my clients. I might lose business in the short term due to this, as clients might choose to go to someone less risk averse, but I believe it serves everyone well in the long term.
I do not know what business you are in so I can't comment about it. I do know the MS business and I can tell the best practice is always deposit over 10k (cash or MO's). That is err on the side of caution for MS.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline ExGingi

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Re: Money Orders
« Reply #1083 on: November 30, 2016, 11:47:55 AM »
I do not know what business you are in so I can't comment about it. I do know the MS business and I can tell the best practice is always deposit over 10k (cash or MO's). That is err on the side of caution for MS.
I guess I'm behind the times. I always thought that MS is a hobby, I guess for some it's a business (and I can see why, though in NYC it would be one tough business to be in  ;) )

However, while the reporting might not be problematic as it relates to the actual deposits, it could open up other things that people would rather not have reviewed.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline JTZ

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Re: Money Orders
« Reply #1084 on: November 30, 2016, 11:50:45 AM »
However, while the reporting might not be problematic as it relates to the actual deposits, it could open up other things that people would rather not have reviewed.
Bingo! If you are involved in shady activities then you are going to have problems.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline JTZ

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Re: Money Orders
« Reply #1085 on: November 30, 2016, 11:52:44 AM »
I always thought that MS is a hobby, I guess for some it's a business
Hold on right there. It is a 100% personal hobby.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline ExGingi

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Re: Money Orders
« Reply #1086 on: November 30, 2016, 11:54:17 AM »
Hold on right there. It is a 100% personal hobby.
Yet you said:
I do know the MS business
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline JTZ

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Re: Money Orders
« Reply #1087 on: November 30, 2016, 11:57:00 AM »
Yet you said:
Very poor choice of words on my part. If I was a grammar major like you that would not have happened.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

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Re: Money Orders
« Reply #1088 on: November 30, 2016, 11:59:51 AM »
Always deposit more than 10k?!
I don't have that many money orders!
There may have been a couple months where I MS'd over 10k but usually all I have is a few thousand dollars in MOs in a given month. Am I supposed to store them up for three months so I can deposit 10k?

I'm seriously asking.

Offline ExGingi

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Re: Money Orders
« Reply #1089 on: November 30, 2016, 12:02:05 PM »
Very poor choice of words on my part. If I was a grammar major like you that would not have happened.
ALOL

As much as I might be a grammar expert (not), [yet] I am a greater AML and compliance hawk.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline 12HRS

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Re: Money Orders
« Reply #1090 on: November 30, 2016, 12:03:44 PM »
Always deposit more than 10k?!
I don't have that many money orders!
There may have been a couple months where I MS'd over 10k but usually all I have is a few thousand dollars in MOs in a given month. Am I supposed to store them up for three months so I can deposit 10k?

I'm seriously asking.

MS more per month will also solve your issue

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Re: Money Orders
« Reply #1091 on: November 30, 2016, 12:03:53 PM »
Structuring is deliberately breaking down deposits to be less than 10k. I would guess that if it takes you two months to deposit 10k, it would be difficult to call that structuring.
^^^

Offline JTZ

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Re: Money Orders
« Reply #1092 on: November 30, 2016, 12:06:44 PM »
Always deposit more than 10k?!
I don't have that many money orders!
There may have been a couple months where I MS'd over 10k but usually all I have is a few thousand dollars in MOs in a given month. Am I supposed to store them up for three months so I can deposit 10k?

I'm seriously asking.
No.
Maybe ExGingi can answer this one and I am also being serious. One supplier will only sell less than 10k of GC per day. If I buy 9.5k every day, turn them into MO's each day and deposit them each day (9.5k) will that be considered structuring?
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline ExGingi

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Re: Money Orders
« Reply #1093 on: November 30, 2016, 12:08:38 PM »
Structuring is deliberately breaking down deposits to be less than 10k. I would guess that if it takes you two months to deposit 10k, it would be difficult to call that structuring.
AFAIK banks are not required to monitor transactions that occur over spans of days, only same day counts for banks IINM.

That being said, MOs in and of themselves are frowned upon. It might go unnoticed in a large bank, but in a small community bank a lot more gets noticed (and they are probably much greater hawks than the big banks - which brings to mind a snippet from an interview heard on Bloomberg today, where the person was saying that JPMorgan loves Dodd-Frank because they can afford it, even if they have a capital problem, whereas a small community bank which could be capitalized much better, hates Dodd-Frank due to the tremendous cost and overhead it creates).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: Money Orders
« Reply #1094 on: November 30, 2016, 12:11:23 PM »
No.
Maybe ExGingi can answer this one and I am also being serious. One supplier will only sell less than 10k of GC per day. If I buy 9.5k every day, turn them into MO's each day and deposit them each day (9.5k) will that be considered structuring?
Start here:
https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_107.htm
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline JTZ

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Re: Money Orders
« Reply #1095 on: November 30, 2016, 12:11:54 PM »
AFAIK banks are not required to monitor transactions that occur over spans of days, only same day counts for banks IINM.
But they are required to file SAR's. While depositing 9k every day technical is OK they need to file a SAR, no?
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline JTZ

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Re: Money Orders
« Reply #1096 on: November 30, 2016, 12:15:08 PM »
Start here:
https://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_107.htm
Please no. I cant tell you how times that, FinCEN and other regulations have been debated to death. That is why I take the position to deposit 10k or more every time.
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(

Offline ExGingi

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Re: Money Orders
« Reply #1097 on: November 30, 2016, 12:19:37 PM »
But they are required to file SAR's. While depositing 9k every day technical is OK they need to file a SAR, no?
SAR is more of a judgment call, if they have any suspicion, regardless of the reason, I believe an SAR needs to be filed.

I would say that if a person deposits 9K in cash every day, there is no way an SAR isn't required (especially if it's an even 9k every day, or amount varies and is always between 9k and less than 10k).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Money Orders
« Reply #1098 on: November 30, 2016, 12:23:43 PM »
Please no. I cant tell you how times that, FinCEN and other regulations have been debated to death. That is why I take the position to deposit 10k or more every time.
You do have a point there. I would say it's much safer to deposit over 10k than to deposit $9,980. But as I said, while the actual transaction in question might be 100% legit, it might put the account or the account holder under more regular review and questioning. (though multiple deposits over 10k that were all investigated and found to be kosher, might serve as some sort of protection, in that such deposits will come to be expected.)

I would say one of the biggest triggers for an SAR is a drastic change in behavior pattern.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline JTZ

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Re: Money Orders
« Reply #1099 on: November 30, 2016, 12:26:23 PM »
(though multiple deposits over 10k that were all investigated and found to be kosher, might serve as some sort of protection, in that such deposits will come to be expected.)
Spoken like a true MS expert.  ;)
"LESS IS MORE" It is the cumulative effect that kills deals!!! How many times do I have to say this?  >:(