Will I have any difficulties cashing my checks?

topgame85 · 02-03-09, 03:17 PM

See this is always trouble any single check over I think its $1000 raises a flag, they prob wont know where it came from or be able to not cash it but they could report you to the authorities and you may be placed under investigation, all this is unlikely but the most important thing for you is to PAY YOUR TAXES! This is really the only way you could face scrutiny or prosecution

Casperwaits · 02-03-09, 03:20 PM

I would like to know what site you used. Did you ever think about cashing out your winnings in more than one manor? Maybe Western Union for some. Bank Wire for another part. Check for the rest? The reason I ask is it may not send up red flags if you do it like that. I also know when I used to play through Pinnacle when they were still US allowed, I used to get checks through them, and they took over a week to clear. US Banks put holds on these Canadian checks now. Pain in the ass.

cheesehead004 · 02-03-09, 03:22 PM

As far as taxes go, if I do not pay is there a way for them to track this to me? I'm gonna go ahead and pay taxes just to be safe but I am wondering nonetheless.

Casperwaits, I am with WSEX. Their only option for US players is a check :\

MartinBlank · 02-03-09, 03:23 PM

Oh. You are in for question marks.

The bank via the Fed will report any transaction greater than $3000, and they will report to the IRS any transaction in excess of $9999.99.

Additionally, your bank will place a hold on all your checks...probably in the 5-7 business day range..depending on what type of customer you have been.

As Topgames said. PAY YOUR TAXES on your money.

Casperwaits · 02-03-09, 03:25 PM

Originally posted by cheesehead004

As far as taxes go, if I do not pay is there a way for them to track this to me? I'm gonna go ahead and pay taxes just to be safe but I am wondering nonetheless.

Casperwaits, I am with WSEX. Their only option for US players is a check :\

Congrats on the winnings by the way

. Like other posters said. PAY YOUR TAXES. Also look into getting into another book that offers multiple withdrawl options.

daggerkobe · 02-03-09, 03:28 PM

I always deposit checks via ATM and there's never been any hold. Always available within 1 business day.

I used to do it in-branch but stopped cause they would always put 2-3 week hold on them.

But I have a feeling this is a bogus question.

mmike032 · 02-03-09, 03:30 PM

I forsee an audit in your future

Mac4Lyfe · 02-03-09, 03:31 PM

I think amounts over $3000 are flagged (used to be $10,000). If I was you, I would cash out in small increments and not keep the money in a bank account. Keep the cash under your bed as the banks aren't paying much interest on your money anyway. If you want to invest it later, pay cash for stocks or real estate, etc. Keeping money in the bank is a bad deal if the IRS wants to garnish your wages. They will take that money in a heartbeat if your investigated, especially if your not paying taxes. If you have no other sources of income then you can probably just file this as taxable income and being in that tax bracket you probably wouldn't pay much in taxes (probably zero) anyway. The bank is not your problem, its the bank reporting transactions to the IRS that can become a problem. Don't create a paper trail.

cheesehead004 · 02-03-09, 03:31 PM

So should I cancel these checks and ask for $2000 checks or something?

daggerkobe · 02-03-09, 03:34 PM

Yup, this is clearly a bogus question.

cheesehead004 · 02-03-09, 03:36 PM

Originally posted by daggerkobe

Yup, this is clearly a bogus question.

What the hell is your problem? What reason would I have to ask this damn question if it was bogus?

Mac4Lyfe · 02-03-09, 03:38 PM

Originally posted by cheesehead004

As far as taxes go, if I do not pay is there a way for them to track this to me? I'm gonna go ahead and pay taxes just to be safe but I am wondering nonetheless.

Casperwaits, I am with WSEX. Their only option for US players is a check :\

They can't track it if you don't have anything tracked back to your SSN. Almost impossible to have a bank account without your SSN though. You could always have someone else cash the checks for you or use other methods mentioned already.

Panic · 02-03-09, 03:41 PM

Next time dont wait so long to get your money out. Do it in small increments. And living in Las Vegas, do you ever use the books in your own backyard instead of going off shore?

Mac4Lyfe · 02-03-09, 03:44 PM

I've won big money in several casinos in the past 10 years and its the same problem. One time I won $17K and the casino had to report winnings greater than $10K. I cashed out $9k that afternoon then waited that night to cash out the rest (pit boss gave me the tip). It was never reported. I won another time and tried the increments but they didn't let it fly and it was reported. Then I won $5k another time at another casino and they reported it since they said it was over $3k, WTF. Rules change and can be different depending on where you go. Many times they don't even know what to do.

cheesehead004 · 02-03-09, 03:48 PM

Panic, well like I said I'm 18 so the only way I used to bet here would be to tell my dad my picks and he'd go place the bets but that gets too complicated.

Anyways, Mac yea as far as I know the casinos here you gotta fill out forms for taxes and all that once you go over $10k but who knows, as you said it could be changing all the time.

smarmy · 02-03-09, 03:55 PM

Take your checks to check cashing place and pay the 5% or whatever in order to get cash. Cash is king! for now.

mmike032 · 02-03-09, 04:00 PM

take the checks to the laundry mat

MartinBlank · 02-03-09, 04:11 PM

This isn't rocket science guys.

Try and do an online search of the Bank Security Act of 1970.

If you cash a check in excess of 3k---it gets flagged. Even if it is at a check cashing locale. The check cashing place will require picture ID---and if it is on paper--it is traceable.

Now, if you are going to cash a check in excess of 10K--your bank will fill out a form called a FinCEN Form 104 which will provide all the details of the transaction to the US Treasury.

If you try and cash out the entire 30K-----your bank could very well fill out another form---90-22.47 and OCC Form 8010-9 which is a Suspicious Activity Report.

Why did you cash out all 30K at once?

You should have done this as partials over a period of time.

smarmy · 02-03-09, 04:18 PM

Invest your funds in some Columbian poppy fields. Then when you get paid, it'll be in cash. And the best part is, that if anyone comes snooping....they get whacked.

treece · 02-03-09, 04:22 PM

Kid won over 30 dimes in January. Cough, cough bullshit cough cough.

cheesehead004 · 02-03-09, 04:22 PM

MartinBlank I did not withdraw all $30,000 in one check. As I said in my first post I got $5,000 checks.

cheesehead004 · 02-03-09, 04:39 PM

Hey Martin I was just reading up about that and how $3,000 deposits get flagged and what not. Then I was reading about how the Patriot Act amended that and i read up on that and all it talked about was transactions larger than $10,000 so now I am pretty confused.

MartinBlank · 02-03-09, 04:40 PM

Cheese...

I tried to explain it to you, maybe I did a lousy job.

If you are getting your 30K in 5K increments....it matters little to the bank. They will log each check as each is in excess of 3K---and they will most definitely file the 104-----if you deposit more than 10K---no matter how the deposit is structured.

Cheese. ANY Check in excess of 3K will get logged/reported.

If you deposit 2 of your 5K checks...the 104 will be filed.

If you deposit 5K for 6 consecutive days---your bank will file a SAR.

I don't see how you can avoid this cash not being followed.

curious · 02-03-09, 04:42 PM

Originally posted by cheesehead004

Okay so I am 18, live in the US, and am withdrawing my winnings right now. I have won over $30,000 in January, and I am a little worried. At this point I have withdrawn most of it and am just waiting for my checks to arrived. I was discussing this with my dad the other day and he was asking wouldnt the bank become suspicious if an 18 year old kid is cashing in $5,000 checks from some bank in Canada or wherever this check will come from?

My question is, have you guys ever had difficulty cashing a check? And I dont mean the book sends you a bounced check, but the bank becomes suspicious and holds your check. Especially any of you under 21 folks? Is there any chance they get in trouble if they figure out this is a huge check from gambling illegally? I mean the most I have ever cashed from an offshore book was maybe 100 bucks here 200 bucks there, small amounts. Do I have anything to worry about?

If you cash a check for more than $2500 at a bank that does not know you well, you are definitely going to be flagged as suspicious.

What you want to do is open an account and just deposit the checks. Then wait for a while and then move the money around as you see fit.

cheesehead004 · 02-03-09, 04:43 PM

Okay for the 2nd time now, this is not BS. I made a mistake and realized that, that's why I made this thread.

bettilimbroke999 · 02-03-09, 04:43 PM

18 yr old won 30k in January, what did u do put your McD's paycheck on a 9 teamer?

curious · 02-03-09, 04:45 PM

Originally posted by cheesehead004

So should I cancel these checks and ask for $2000 checks or something?

Send the checks to me, I will cash them.

Write me for my address. i_bee_curious at yahoo dot com

cheesehead004 · 02-03-09, 04:46 PM

Originally posted by bettilimbroke999

18 yr old won 30k in January, what did u do put your McD's paycheck on a 9 teamer?

you guys are so cute with these comments

MartinBlank · 02-03-09, 05:13 PM

Cheese,

I am curious.

When you told your dad you won 30K gambling, what was his reaction?

Did he wonder how/why/where you got your bankroll?

If I had been wageering 5K per contest when I was 18, I am pretty certain my dad would have punched my face in just for being stupid.

bobbyfk · 02-03-09, 05:48 PM

this is why i always use Western Union for withdraws

bobbyfk · 02-03-09, 05:49 PM

or.. go to a check cashing place and get it cashed there

curious · 02-03-09, 06:23 PM

Originally posted by MartinBlank

Cheese,

I am curious.

When you told your dad you won 30K gambling, what was his reaction?

Did he wonder how/why/where you got your bankroll?

If I had been wageering 5K per contest when I was 18, I am pretty certain my dad would have punched my face in just for being stupid.

My dad would have told me to turn over all the drugs and cash I had left from my drug dealing, then he would have punched me in the face. Oh, and he would have taken the 30 K.

cheesehead004 · 02-03-09, 07:13 PM

My dad wanted to kill me cause he thought I had deposited a huge amount just to get there but when I showed him I had only placed $200 of my own money into this he was cool with it.

Casperwaits · 02-03-09, 07:22 PM

Originally posted by bobbyfk

or.. go to a check cashing place and get it cashed there

I am going to take this kid at his word. At 18, I had just gotten back into betting after 2 years in GA. Let me tell ya, you can make $30,000 in a month if you have the bankroll. I was making so-so money in NYC at the time, and I was still making bets that would have allowed me to make a $30,000 run (unfortunately I didn't). Just because he may have a menial job doesn't negate him from "big boy player" status. Going to a check cashing place is absurd..lol. First, I do not believe they would take a Canadian check. Second, the fees would be OUTRAGEOUS!! You have gotten a lot of advice on here. Some good. Some not so good. One thing I think the smart people can agree on is to PAY YOUR TAXES. If you are smart enough to make that $30,000, I have a suspicion that you can figure out how to cash it as well.