$9900 check from sportsbook - too large?

**andywend** · 10-17-09, 04:48 AM

No reason to request a smaller amount.

Have Greek (Olympic) sportsbook process the full $9,900 for you.

**topgame85** · 10-17-09, 07:09 AM

This will raise red flags anything over I think 3k gets looked over more carefully

**HedgeHog** · 10-17-09, 07:44 AM

A one-time check for $9900 should be fine. A number of $9900 checks will make it appear that you are trying to avoid the key $10,000 trigger, and this could easily raise a red flag.

**thespeculator** · 10-17-09, 08:14 AM

Originally posted by JamesJoe

HedgeHog is right, there is a 10,000 trigger that raises red flags EVERYWHERE!!!
so 9,900 should be fine but also, not one after another ... I'd suggest having some bank accounts or ****'s outside your country... I do it all the time, if you need any help feel free to PM me

when you set up an account in another country don't you need to be a permanent resident ,or in certain places just show a passport they will give you an account

**username474** · 10-17-09, 09:30 AM

Originally posted by thespeculator

when you set up an account in another country don't you need to be a permanent resident ,or in certain places just show a passport they will give you an account

Alot of banks offer non resident accounts. Some all you have to do is fill out an application online.

**durito** · 10-17-09, 09:31 AM

Banking in a foreign country doesn't change your USA tax liabilities at all.

**Samp25** · 10-17-09, 09:35 AM

I promise you if you do 2 or 3 9900 deposits in a year you will be answering questions. It's a new age in banking. 2 years ago that would not have been a big deal.

**username474** · 10-17-09, 09:36 AM

Originally posted by Scooter

An offshore sportsbook I am about to withdraw from will send a courier check for a flat fee to the USA, up to the amount of $9900.

I plan to deposit it into my bank account.

The most economical way to do the withdrawal would be to request the maximum amount of $9900.

Is there any reason not to do this and to request a lesser sum?

Specifically, has anyone had their bank based in the USA give them a hard time over checks of certain amounts but not given a problem when the check is smaller?

(As mentioned, I plan to deposit it and am not too concerned over how long a hold they put on the check, within reason. 7-10 day hold is acceptable to me).

If you deposit several checks for 9900$(10+) and don't pay tax at the end of the year it could be considered structuring, if audited it's a serious charge.

**username474** · 10-17-09, 09:39 AM

Originally posted by durito

Banking in a foreign country doesn't change your USA tax liabilities at all.

You still don't even have to claim an off shore account on your taxes if it has never had more then 10k in it within the calender year.

**DukeJohn** · 10-17-09, 09:55 AM

Originally posted by Scooter

(As mentioned, I plan to deposit it and am not too concerned over how long a hold they put on the check, within reason. 7-10 day hold is acceptable to me).

As mentioned earlier, not a problem with the amount. Now, for the hold time... This will vary from bank to bank, but most importantly is the check coming from a US bank, is there an agent, or is it just an out of country check...

If it is a US bank, then next day to 7 or so days, depending on your bank... If it is a foreign check, but there is a US agent, then about two weeks, faster if the agent picks up the phone when the bank calls. Of course calling the agent is a more personal approach, I always have the teller do it while I am there, small town bank. Now, if the check is just straight up out of the country and no agent, well, it could take at least 4 weeks up to months. Again, it depends on how your bank handles international check and if there is an agent.

This has all been my person experience...

**Scooter** · 10-17-09, 02:03 PM

Originally posted by HedgeHog

A one-time check for $9900 should be fine. A number of $9900 checks will make it appear that you are trying to avoid the key $10,000 trigger, and this could easily raise a red flag.

The 10k trigger is for a CTR - Currency Transaction Report.
There is no CTR for check deposits, as the purpose of the CTR is to keep a paper trail of large sums of cash, and the check itself is a paper trail.

But I feel that some clerks and some managers at banks will go through the same confusion about the check being just below 10k.