If it's over $10,000 it's required to be reported by the
casino just as any other cash transaction. And if you
claim any money is winnings it's subject to income tax.
For example, if someone is living the lifestyle of the
rich and the IRS comes a calling, you can't just say
"I won 2 million in Las Vegas". They will simply ask
for proof, verification from the casino, where were
the withholdings, etc.
In other words, I don't see Las Vegas being much
more useful at laundering money than banks.
Unless you have a crooked casino in on it, in which
case there are more banks in the country for that
possibility than casinos.
On 7/21/2011 5:50 AM, email@example.com wrote:
A local bank got shut down for money laundering a few years back (they
were simply forgetting to report large cash transactions for selected
"clients") who were actually using handtrucks to bring the money in.
I think folks are forgetting the $10k rule isn't aimed at small time
folks. Drug dealers and folks of their ilk deal with lots of cash and
they need a way to launder it.
On 7/21/2011 12:11 AM, firstname.lastname@example.org wrote:
Not as much as they used to be- they are switching to virtual cash
wherever possible. Here in flyover country, almost all the machines and
table games are are chip/player card, not coins or paper. All that cash
handling is expensive. And without the implied protection of mob
ownership (for the 'indian' casinos), having cash anywhere except
cashier/chip/in-house player (debit) card office is a security risk.
Emptying all those machines and under-table cash drip boxes, is
expensive. The cash office staff would pretty much be the only place to
pull it off.
Not sure if the IRS is the right agency or if HD is subject to the pertinent
law or regulation but financial institutions are required to report
all transactions over $10,000 to the federal government (again, not sure
If it's the IRS or some other agency)
There are no stupid questions, but there are lots of stupid answers.
Larry Wasserman - Baltimore Maryland - lwasserm(a)sdf. lonestar. org
Lots of the responses have mentioned the "fee" for the refund transaction.
If that is indeed the case, then why is HD one of the very, very few
(and the only one that I know of) that makes it's their standard
practice to avoid the fee?
Obviously, all of the other thousands of businesses know about the fee,
so why aren't they refunding cash?
Likely you will see more of it and similar things to remove banks from
every transaction. For some reason folks assume credit and debit cards
don't cost anything and even if they do it must sure cost a lot to
handle cash anyway.
I know an enterprise that has 400+ locations. In modern competitive
times you look at everything and today have much better tools to do it.
They have determined that handling credit cards is significantly more
expensive than handling cash.
Another interesting aspect to all this. I was talking to a guy that
runs a local glass business. He said that when someone uses
a credit card he doesn't even know what the fee is that he will
be charged. The amount depends not only on the card, VISA
for example, but also how VISA rates that particular customer's
card. For example, if it's a VISA card that accrues airline miles
with each purchase the glass guy gets hit with a higher fee
than another guy with a different VISA. Even worse, he said
there is no way for him to know exactly what the fee he's going
to pay will be on any given customer's card.
On 7/20/2011 7:49 PM, email@example.com wrote:
But bounced checks are nowhere near the issue they used to be. I always
thought the most reasonable way to deal with "rewards" cards was to
simply require the user to pay for their own "rewards" in the form of a
On 7/21/2011 6:32 PM, firstname.lastname@example.org wrote:
Typically every rewards card has that wording printed on it. And since
the great majority of these transactions are electronic I can't imagine
it would be that involved to determine how to process them.
Would you patronize a store named say "Fair-Mart" that posted and
promotes the following:
We don't expect you to pay for items in the other persons cart so we
also don't expect you to pay bank fees and "rewards" that are not
applicable to your transaction so those additional costs are directly
added only to those transactions.
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