Money Orders (USPS RIP 11/3/17)

[moto]

Can I cash out my vanilla cards that I buy in 7-11 for money orders at wal mart?

[etech0]

Can I cash out my vanilla cards that I buy in 7-11 for money orders at wal mart?

You could load them onto BB from your own home. Then I assume you could buy MOs at WM with the BB. Not sure why you would want to, though.

[ushdadude]

Can I cash out my vanilla cards that I buy in 7-11 for money orders at wal mart?

You could load them onto BB from your own home. Then I assume you could buy MOs at WM with the BB. Not sure why you would want to, though.

Based on the fact that they were bought at 7-11, I'm assuming they aren't vanilla reloads as those cannot be purchased with cc. Presumably they are one vanilla cards. And the answer is yes you can.

[etech0]

Based on the fact that they were bought at 7-11, I'm assuming they aren't vanilla reloads as those cannot be purchased with cc. Presumably they are one vanilla cards. And the answer is yes you can.

Missed that.

In WM, make sure not to call them GCs. They are debit cards. And you may have better luck if you don't let the cashier see that it doesn't have your name on it.

[E R K]

When you get MO at WM do you have to hand over the card or do you swipe yourself? Also is it only good for visa or will MC work with pin

[Malachi]

When you get MO at WM do you have to hand over the card or do you swipe yourself? Also is it only good for visa or will MC work with pin

you swipe yourself. Visa works great, mc will automatically read as credit unless you press cancel right away on your screen

[E R K]

If you press cancel doesn't it cancel the transaction? What do I see b4 I press cancel?

[george]

If you press cancel doesn't it cancel the transaction? What do I see b4 I press cancel?

Bump

[sawlw]

If you press cancel doesn't it cancel the transaction? What do I see b4 I press cancel?

press cancel as soon as you swipe, change option to debit

[ckmk47]

press cancel as soon as you swipe, change option to debit

Thanks. I couldn't find that info either.

[HDS]

I have seen some discussion on other forums about the fairly serious potential issues with buying moderate to large amounts of MOs, as well as with depositing them into banks.

The issues include:

1. Having your information taken and kept on file at the place you purchase MOs. The information, including your SS#, may be kept securely, or it may be hand written into in a binder on the CS desk. Regardless if you are asked for or give this information or not, the store may still file documentation without your knowledge that could raise red flags later if there is an investigation. This kind of documentation is apparently required (not sure by whom) for MO purchases of more than $3k at a time, but apparently happens (whether because of store policy or the whim of the clerk or manager) for amounts more than $2k as well.

2. Structuring. This is a federal law, with serious penalties, for attempting to avoid reporting mechanisms by doing a several smaller transactions rather than one large one that would trigger a report. It is apparently dependent on intent, and it can be difficult to prove for prosecutors, but it apparently should still be cause for pause at the least. It may apply to purchasing MOs in different, smaller amounts at the same or different stores in order to avoid reporting requirements, or depositing smaller amounts in multiple branches of the same bank in the same day, and the like.

3. Getting shut down by banks, because it appears as though you are laundering money (purchaser and payee are the same, sequential numbers, etc.) or at least that you as a customer will cost more to monitor than you will make for the bank through your banking activities. This can apply regardless of your legal standing with structuring, because banks can decide whether or not they want your business.

Disclaimer: I am not an expert on any of these things.

I'm posting this here not to say that the sky is falling but rather as a PSA about some of the risks, and to get some feedback from those in the community who have had success with MOs about general best practices.

[Menachem613]

I have seen some discussion on other forums about the fairly serious potential issues with buying moderate to large amounts of MOs, as well as with depositing them into banks.

The issues include:

1. Having your information taken and kept on file at the place you purchase MOs. The information, including your SS#, may be kept securely, or it may be hand written into in a binder on the CS desk. Regardless if you are asked for or give this information or not, the store may still file documentation without your knowledge that could raise red flags later if there is an investigation. This kind of documentation is apparently required (not sure by whom) for MO purchases of more than $3k at a time, but apparently happens (whether because of store policy or the whim of the clerk or manager) for amounts more than $2k as well.

2. Structuring. This is a federal law, with serious penalties, for attempting to avoid reporting mechanisms by doing a several smaller transactions rather than one large one that would trigger a report. It is apparently dependent on intent, and it can be difficult to prove for prosecutors, but it apparently should still be cause for pause at the least. It may apply to purchasing MOs in different, smaller amounts at the same or different stores in order to avoid reporting requirements, or depositing smaller amounts in multiple branches of the same bank in the same day, and the like.

3. Getting shut down by banks, because it appears as though you are laundering money (purchaser and payee are the same, sequential numbers, etc.) or at least that you as a customer will cost more to monitor than you will make for the bank through your banking activities. This can apply regardless of your legal standing with structuring, because banks can decide whether or not they want your business.

Disclaimer: I am not an expert on any of these things.

I'm posting this here not to say that the sky is falling but rather as a PSA about some of the risks, and to get some feedback from those in the community who have had success with MOs about general best practices.

Keep in mind you can go to jail for structuring even if the cash being deposited was from legal sources. 

[CountValentine]

Keep in mind you can go to jail for structuring even if the cash being deposited was from legal sources.

Can you site one case?

[Menachem613]

Can you site one case?

Yes,  United States v. Macpherson, 424 F. 3d 183 (2nd Cir. 2005).

[Menachem613]

...and another

http://www.newsobserver.com/2009/10/18/146633/lawyers-career-ends-in-crime.html

[ckmk47]

Yes,  United States v. Macpherson, 424 F. 3d 183 (2nd Cir. 2005).

...and another

http://www.newsobserver.com/2009/10/18/146633/lawyers-career-ends-in-crime.html

Both refer to CASH being deposited in small doses to avoid banking rules requiring reporting CASH deposits of 10K or more.  We're talking moving money by cc, check, and ACH transfer. 

[yitzf]

Both refer to CASH being deposited in small doses to avoid banking rules requiring reporting deposits of 10K or more.  We're talking moving money by cc, check, and ACH transfer.

If it's the same law, why would it matter?

[ckmk47]

Cash is not traceable.  It may be acquired by illegal means eg. drugs sales, untaxed sales.  Money in the system can be tracked.  Followed from one account to another, one owner to another.  They know if it's taxed or illegally gained.

[Menachem613]

Both refer to CASH being deposited in small doses to avoid banking rules requiring reporting CASH deposits of 10K or more.  We're talking moving money by cc, check, and ACH transfer.

There are cases with money orders too. I just don't feel like quoting every case out there.

[CountValentine]

There are cases with money orders too. I just don't feel like quoting every case out there.

How about just one?