RE: Legality of requiring credit cards?
jonathon wrote:
Go shopping with a wad of $100.00 bills. Most stores don't accept them, regardless of the amount of purchase, without additional ID.
I bought a new PC a few months ago with just shy of $7K worth of $100 bills. No one even blinked. regards, -Blake (cash is good)
On Tue, 24 Dec 1996, Blake Coverett wrote:
jonathon wrote:
Go shopping with a wad of $100.00 bills. Most stores don't accept them, regardless of the amount of purchase, without additional ID.
I bought a new PC a few months ago with just shy of $7K worth of $100 bills. No one even blinked.
regards, -Blake (cash is good)
Remember that if you go over 10K, the recipient is supposed to file a form 8300 with the IRS .... EBD
Brian Davis wrote:
On Tue, 24 Dec 1996, Blake Coverett wrote:
jonathon wrote:
Go shopping with a wad of $100.00 bills. Most stores don't accept them, regardless of the amount of purchase, without additional ID.
I bought a new PC a few months ago with just shy of $7K worth of $100 bills. No one even blinked.
Remember that if you go over 10K, the recipient is supposed to file a form 8300 with the IRS ....
Make sure that, unless you don't mind the FBI putting an extra monitor on you, you don't *ever* transact $10k or more at one time, or on one purchase in smaller increments over a relatively short period of time. I know this because one of our customers in Encino was tagged this way in 1983. What was really hilarious was that they brought the equipment in for us to have a look at, since we were experts on HP proprietary gear and they weren't. (Or we were a lot cheaper than HP corp.)
On Tue, 24 Dec 1996, Dale Thorn wrote:
Brian Davis wrote:
On Tue, 24 Dec 1996, Blake Coverett wrote:
jonathon wrote:
Go shopping with a wad of $100.00 bills. Most stores don't accept them, regardless of the amount of purchase, without additional ID.
I bought a new PC a few months ago with just shy of $7K worth of $100 bills. No one even blinked.
Remember that if you go over 10K, the recipient is supposed to file a form 8300 with the IRS ....
Make sure that, unless you don't mind the FBI putting an extra monitor on you, you don't *ever* transact $10k or more at one time, or on one purchase in smaller increments over a relatively short period of time.
Be especially carefully of structuring a $10,000+ transaction into smaller transactions in an attempt to circumvent the reporting requirements. Doing so ("structuring a transaction") is a felony. I was involved in reviewing a matter for possible prosecution in my former life. Guy wins big football pool (season long) -- total of $27,000. He calls an *leaves a message* that he wants 3 $9,000 checks. He gets them, goes to branch 1 of bank x and cashes one. Then to branch 2 and cashes another. Then back to branch 1 for the third. The bank, as required, filed a Report of Suspcious Transaction. Fortunately for him, the IRS-CID agents jumped the gun and alerted him to the investigation (by interviewing him) before he filed his taxes for that year. He then knew enough to report the income and pay the taxes. We settled the matter by having the money forfeited and having a civil monetary penalty assessment against him under the Bank Secrecy Act (the first such penalty against an individual ever). He got credit on the civil assessment for the money forfeited, so all he lost was his $27,000 in winnings. Had he been better at it, he never would've been caught, IMNSHO. EBD
I know this because one of our customers in Encino was tagged this way in 1983. What was really hilarious was that they brought the equipment in for us to have a look at, since we were experts on HP proprietary gear and they weren't. (Or we were a lot cheaper than HP corp.)
I think this is yet another difference between Canada and the USofA, I too have used $100 bills to pay for things quite often. The only time there has been a problem is when the amount of the purchase is less than $20.00 (and then its only because few stores keep that much change around). Isn't the problem a result of the War On Drugs? cheers, kinch
participants (4)
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Blake Coverett -
Brian Davis -
Dale Thorn -
Dave Kinchlea