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Posted: 3/2/2006 4:29:28 PM EDT
[#1]
Lock up your dogs!!! 
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Posted: 3/2/2006 4:31:53 PM EDT
[#2]
The amount is not a flag. I work in banking -- the limit is $10K so you were well within limits. No investigation required. |
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Posted: 3/2/2006 4:34:28 PM EDT
[#3]
Hope they aren't watching my Harley Davidson account. Been paying for 3 years and just sent in a rather large payoff amount. Guess it's time for my body cavity search.
Woody |
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Posted: 3/2/2006 4:37:54 PM EDT
[#4]
I paid $6800+ on a statement about 3 months ago (normally never paying more than $250). No problems. Hell they lowered my APR and increased my credit limit after that.
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Posted: 3/2/2006 4:38:06 PM EDT
[#5]
Congratulations! You're spot on...in a way. The verification for large funds transfers just takes longer. Amounts over $10K require additional procedures. These security procedures have always been in place. They did become a bit tighter with HSA. However, those are really more enhancements than a complete change from the way payments have always been processed. In addition, the new Check 21 legislation actually speeds this up -- funds are verified before EDT takes place allowing funds to clear often in 24 hours instead of the old standard of 3 business days. There's a new villain out there called the "check kiter". These new restraints help us catch him or her -- no more robbing Peter to pay Paul and floating/kiting checks. It's against the law. It's not just terrorist activity the banking industry has to consider. There are tons of crooked people. They have to verify that is indeed your check, your funds, to pay your bill -- don't forget forgery is a common occurrence. These steps safeguard everyone. Yes, fraudulent payments are made as well. Everything is possible. |
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Posted: 3/2/2006 5:14:16 PM EDT
[#6]
You are spot on...save for check kiteing being new. There have been people kiteing checks as long as there have been demand instruments. With the advent of computers, it has become increasingly hard to do. Back when all checks had to be physically routed one had several days to stay ahead of the balances. Now you can get your account balances almost instantaneously via the internet. As far as DHS monitoring anything....I would imagine that it was an attempt to stop money laundering. If one were to get legal cash advances on their credit card and pay it off with illgotten funds...that would be laundering money through a credit card account. DHS is trying to stop terrorist sympathizers from laundering funds. But what do I know..... 
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Posted: 3/2/2006 5:36:50 PM EDT
[#7]
My family just sent me a loaner check (more than 10K) to help out w/ the purchase of our 1st home. I wonder if I'm gonna get a call.  What a load of shit, keep your eyes/ hands/ ears/ etc outta my business
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Posted: 3/2/2006 5:41:19 PM EDT
[#8]
WTF?
 I sold my house in September and as soon as the the payment cleared my credit union I wrote nearly $60,000.00 in checks to credit card companies, reducing my balances to zero for all of them. The checks were posted without any issues, delays or phone calls. Up until then I was drowning, hardly able to make more than minimums and the very last month before my house closed, I blew almost all of my payments off to stay above water.  ETA after reading the whole thread that 2 of the payments were for over 10k. No issues on either one. |
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Posted: 3/2/2006 5:45:42 PM EDT
[#9]
The story is BS. The CREDIT CARD COMPANY is the one that held up the check, not the Dept. of Homeland Security. If they were involved in this, then EVERYONE that sent a huge-ass payment to their credit card company would be in the same boat. And, as read in this thread, that's not the case.
I hate the fucking left-wing media. Oh, and people that don't read an entire thread before posting. 
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Posted: 3/2/2006 5:46:15 PM EDT
[#10]
If you deposit $10k or more at one time, in any bank, they are required to notify the IRS. As long as you can account for it's legitimacy on your tax return, no problem. |
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Posted: 3/2/2006 5:52:03 PM EDT
[#11]
You believe this bullshit story? |
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Posted: 3/2/2006 5:52:51 PM EDT
[#12]
Bob Kerr + Providence Journal =
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Posted: 3/2/2006 6:11:03 PM EDT
[#13]
While this particular story is BS, isn't a 10k withdrawl/deposit a flag? This streches back way before the PA. I think it was thought up during the War on Drugs.(sigh) |
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Posted: 3/2/2006 6:16:17 PM EDT
[#14]
The Patriot act is your friend.
Before you get all bent out of shape, I know this isnt the Patriot Act. It's just a few changes to something called the Bank Privacy Act. The Patriot Act is a completely different and seperate thing that is completely benign. 
It's nobody's fucking business what I do with my money. Ten cents or ten million. Let them get a warrant. That's the .gov getting it's citizens to snitch on their neighbors and it stinks. I honestly dont care who they do or dont catch with crap like this. I'll take my chances if you let me alone. |
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Posted: 3/2/2006 6:29:20 PM EDT
[#15]
"The Patriot Act" has become a false excuse for a lot of questionable business practises. A friend of mine is a lawyer for the Dept of Justice. He was buying a new car and paying with a check. The dealer claimed they had to run a credit check because of "The Patriot Act". My buddy said no you don't and threatened to leave if they ran it, so they backed down.
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Posted: 3/2/2006 6:35:12 PM EDT
[#16]
It doesn't mean they didn't check. It means you cleared. You're fine. They record THAT too!
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Posted: 3/2/2006 6:46:35 PM EDT
[#17]
I realize check kiting isn't new. People have done it for years. The difference came with Check 21 legislation. Before then, it was very difficult to catch/monitor due to lag in funds transfer. When this legislation was passed, many consumers failed to take notice. As a result, they continued to float checks. Some of those people were also bank employees. They were fired. And, yes, money laundering is one of the many reasons for these procedures being in place. They stories I could tell you...but, I'm bound to a NDA that forbids it. Those "instantaneous" balances that appear on the Internet are only as "instantaneous' as the financial services institutions can process. The infamous 3-day lag was changed to 24 hours. Some institutions, however, which will remain nameless, still use in-house processing systems that can lag up to 4 business days. So, there are still holes in the system. When choosing a bank it's always good to ask how transactions are processed. Who is their financial services institution, their processor? Or do they process in-house? Is this the same institution that stamps their credit cards? This gives the consumer a better idea of what the bank's actual transit times are for credits/debits. Saturday processing rules also vary by banking institution. Check the policy before you place your funds with them (if Saturday depositing is a regular thing for you). In addition, it is always good to check how they post your funds -- the order received or deposits first. It matters and varies by bank. |
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Posted: 3/2/2006 6:54:40 PM EDT
[#18]
That's it. I'm making minimum payments for the next 6 months and then dropping about 8k to pay off my cards. Then I'm raising a shitstorm when the check doesn't clear.
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Posted: 3/2/2006 6:56:14 PM EDT
[#19]
They were more likely making sure the check cleared before they allowed you to charge on the card. It's called fraud prevention. If you buy something online, and send the guy a check, he will wait until it clears to ship you your merchandise. Some banks put holds on checks when you deposit them, also (especially personal checks), and you aren't able to get the money then, either. That is, if it even happened. |
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Posted: 3/2/2006 7:01:09 PM EDT
[#20]
I have never paid anything close to the minimum amount on my credit card - never. I will routinely drop ten or twenty times the minimum paying down a $4000 purchase in two months rather than the 12 years like they want you to pay it off. I also never pay the amount requested on my mortgage but will always pay $500 or more on it!
 Hi CIA, NSA, DHS, FBI |
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Posted: 3/2/2006 7:01:51 PM EDT
[#21]
PS: Never deposit more than $10,000 in cash at one time.
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Posted: 3/2/2006 7:09:44 PM EDT
[#22]
Exactly AND your sporadic history is recorded. What gets flagged is the unusual transaction. Ms. Bonnie Smiths always pays $400/month to her credit balance of say $11,500. She deposits a check for $11,500 has NEVER, ever had a deposit of that amount and pays off her credit card. What delays first is the deposit --- they are going to verify these funds were drawn on a real bank, the check is definitely hers, etc. before they let it go into her account. It all happens very quickly considering the number of hoops they put it through really. Then, Ms. Smiths pays $11,500 to her credit card electronically to loosen the noose around her neck. The bank receiving the funds will verify with the other bank the funds are actually there and available for payment before crediting the payment to her account. No one wants to get slipped the weenie. It's all good and makes perfect sense when you consider the liability. |
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Posted: 3/2/2006 7:27:23 PM EDT
[#23]
Yeah, that's wonderful. Possessing lawfully accumulated earnings will get you treated like a criminal. Then you can prove your innocence to the satisfaction of some bureaucrat. If you're lucky, you'll get to go on your merry way with a stern warning not to fuck with them. Government is supposed to serve the people. |
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Posted: 3/2/2006 7:31:36 PM EDT
[#24]
AmeriKa
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Posted: 3/2/2006 7:34:38 PM EDT
[#25]
This regulation was in force well before the Patriot Act came into existence. I see tons of people flying off the handle for no reason. You can read these laws out on the Internet for yourselves. Blame it on all the rotten crooks out there stealing money. They are the reason most of these procedures are in place. You would cringe if you knew how much money each year gets literally stolen from banks in just the US alone (and not Jesse James style either). The government does serve the people in this fashion. If we let the thieves have their way, they would have already taken everything you have out of your account with one mouse click. The bank has to cover that loss if somebody cracks into your account or steals your identity or forges one of your checks for $10,000. These laws protect everybody...unfortunately...from each other. |
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Posted: 3/2/2006 7:37:14 PM EDT
[#26]
I'll let the historical stupidity of that statement stand for itself. You should have that tattoed on your asscheeks for even uttering it. |
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Posted: 3/2/2006 7:37:17 PM EDT
[#27]
how could making a big payment POSSIBLY be terrorist related? do they like to pay off Visa before they blow themselves up? Don't want their 72 virgins to think they are debtors?
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Posted: 3/2/2006 7:41:27 PM EDT
[#28]
It's too lengthy to get into the semantics, but, yes, this REALLY is how it occurs. Generally, the crimes are traced across several accounts. In the past, the trace was lost when it hit Bank #3. Today, thanks to these procedures the trace goes way beyond that. This is why they frozen Bin Laden's accounts plus many others linked to the terrorists -- and their friends and their friends and so on and so on and so on. What's seem routine may not be. More often than you think, this is how criminals are caught. Someone is funding them and this is how you find out. |
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Posted: 3/2/2006 10:23:21 PM EDT
[#29]
Clearly, I have nothing better to do at 2 o'clock in the morning...
But I read this entire retarded thread and have generated A Conclusion.A Conclusion: In spite of the concise and informative posts that have proven this thread to be entirely composed of large quantities of horseshit, some folks, trolls and otherwise, insist on sucumbing to Conspiracy Theory Madness. CTM has increased in frequency in the years since teflon became widely employed amongst the masses. Teflon has been proven to cause synaptic constipation, as seen in this thread. Government funded studies have shown that liberals are exponentially more likely to use Teflon products. Please avoid CTM inducing products in the future. Do it for the children (Edited for spelling and Literary License purposes) |
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Posted: 3/2/2006 10:27:26 PM EDT
[#30]
Well, I wanted to get to say it before anyone else did. You know it was said sarcaticaly though. Surely you remember me from other threads of this nature? 
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Posted: 3/2/2006 10:36:41 PM EDT
[#31]
How wrong you are, my good man. Good thing you live in a state well populated by Libertarians, who are fighting on your behalf for the liberty that you seem not to care much about. |
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Posted: 3/2/2006 10:52:27 PM EDT
[#32]
A wiseguy huh? Go ahead and try to just pay the minimum monthly payment this month and see what happens!!!   |
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Posted: 3/2/2006 11:06:13 PM EDT
[#33]
CHRIST! Sheesh man - ask fight4yourrights if that is the way I think. I'm glad to see people jumping all over the sentiment, but understand that it isn't mind. I'm going to go back and stick a saracasm warning on it. |
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Posted: 3/2/2006 11:07:31 PM EDT
[#34]
If you think that's bad, one time I payed too much for a muffler and George Foreman kicked my ass. |
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Posted: 3/2/2006 11:18:02 PM EDT
[#35]
Sorry gotta call bullshit. 6 grand is not alot of money these days. Jackbooted .Gov thugs are not trying to keep you from paying off your high interest credit cards. Do you have any Idea how many times that happens every day? I pay almost that much monthly. Sheese.
The old bastard quoted admitted to being a "product of the 60's" translation: old hippy. He has an agenda, and all of you sapps lapped it right up. |
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Posted: 3/3/2006 2:27:48 AM EDT
[#36]
I am in the B.S. crowd also. This does not sound credible.
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Posted: 3/3/2006 2:41:12 AM EDT
[#37]
Well, though it's ludicrous to do-and I see NO potential
intel value in it I don't get what the issue is other than normal .gov intrusivness. I'm not surprised but, I'm not particularly alarmed by this. Also, credit isn't "your money". It's "credit". That's why it's called "credit" and, not "cash". |
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Posted: 3/3/2006 3:02:54 AM EDT
[#38]
This isn't credible. Not only the payment to a credit card in this instance, but the number of instances of cash being transferred to retail, non-IRA investment accounts, mortgage downpayments, etc., makes this scenario totally improbable.
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Posted: 3/3/2006 3:06:50 AM EDT
[#39]
I'm inclined to believe this is a case where the CC company screwed over someone and cited "Homeland Security" as the Catch 22 clause where it can't be verified or disputed. However, the $6k can mean different things to different people, so it could be relevant. If the person has $15k in reported income every year, the chances of saving up $6k to pay all at once are very small. A relatively large sum of money like that would suggest some new source of income. On the other hand, for someone who makes 6 figures, $6k could be a single paycheck. For that person, the threshold amount that would be suspicious would be substantially larger. Security is about mitigating the most likely threats. In the past, I've secured machines with sensitive accounting information. The weakest link will always be the data entry clerks who are making under $10/hr. Offer one of them $10k in cash and you're likely to circumvent all other security because they are authorized. Forensic accounting is used to figure out what happened with these types of situations. The difference is that it's used after you know something happened to figure out how the money was used. Something that would be interesting in explaining a weird situation you're investigating could be a harmless detail if viewed outside a larger collection of evidence. |
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Posted: 3/3/2006 3:28:51 PM EDT
[#40]
Yes, I think the old folks' story is bullshit. As someone that's employed in the banking industry the $6522 wouldn't have caused a red flag -- unless, it wasn't their check. Trust me, if it was really held up at all it was for validation purposes (i.e. availability of funds, verification of bank drawn on, verification of account holder, etc.) -- the normal stuff which has nothing to do with the Patriot Act. These procedures are very routine and have always been in place for large transactions. Again, if it's under $10K it does not have to be flagged. So, trust me, it was not flagged. If you want a large check to clear faster that is truly to pay a debt, go to the bank, and get a cashier's check or a certified "counter check". They are the same as cash and clear automatically.
And to the person that posted about regular cc payments, mortgage payments, etc. -- you are spot on. These are routine and everyone knows it. As I stated in an earlier post, the banks flag the "unusual" transaction and with good reason. If the banks literally flagged every transaction, the industry would be bankrupt from paying the direct labor costs associated. Stories like this spark unecessary paranoia. I think these folks are probably related to the chick who claimed she found a finger in her Wendy's chili.... |
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Posted: 3/3/2006 3:31:27 PM EDT
[#41]
Sure has worked on this board.
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Posted: 3/3/2006 3:34:21 PM EDT
[#42]
True, true and...if there is any validation prior to a payment clearing it is only because one bank isn't going to steal from another. It's just a friendly, "Hi, we've got this check, funds available? Yes? Thank you." The check goes through. (Of course, this goes off mostly electronically but with exceptionally large checks a phone call sometimes occurs.) If you are going to make a large purchase (i.e. buy a new car cash). Get a cashier's check. No questions asked. They are gold everywhere. |
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Posted: 3/3/2006 4:01:40 PM EDT
[#43]
So did homeland security pay the interest for the time that his payment was held up?
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Posted: 3/3/2006 4:18:13 PM EDT
[#44]
First off, everyone keeps throwing around the $10K number....and the story in the first post wasn't that much.
Second, the $10K deposit at banks issue has been around a long time...but it was $10K CASH. They might have even lowered that abit since 9/11. Walk in with a check for more than $10K and there is hardly an issue raised, be it a personal or business check, Money Order or cashier's check....the bank will simply treat it like any other, and make sure it's good before you get the funds. Walk in with $10K + in cash....different stor. You have instant access (duh, it's cash) but they will report it to the IRS etc. Any banker types wanna help me out with the specific details? I'm only going by what my sister at the IRS told me years ago. No Expert |
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Posted: 3/3/2006 4:40:51 PM EDT
[#45]
Since Homeland Security had nothing to do with this, why should they? |
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Posted: 3/3/2006 4:46:26 PM EDT
[#46]
I'll have to bring that to my former supervisor's attention--his average monthly AMEX statement is in the 430-500k area.... 
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Posted: 3/3/2006 4:50:09 PM EDT
[#47]
j/k don't get all pissy. |
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Posted: 3/3/2006 6:59:07 PM EDT
[#48]
The Libertarian Party is looking better and better every day........even if I do not agree with 50% of their shit.
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Posted: 3/3/2006 7:03:29 PM EDT
[#49]
You think this stuff is bad. Just wait till the next democrap gets elected.
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Posted: 3/3/2006 10:18:48 PM EDT
[#50]
No its $10K in CASH they have to report. My ex BoL went to jail for not reporting cash sales over $10K at his car dealership. |
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