Best Way to Pull Out of Neteller Completely

Newguyintown · 07-24-2006, 05:39 PM

I have quite a balance at Neteller and am pulling out a substantial amount of money there. I report everything (you'd be crazy not to when you have money going from Neteller directly to your bank) but I'd still like the least hassle/paperwork, especially now that I'm worried about the legality of gambling money- Id like as little attention as possible. Who knows what these guys will do now that they're trying to enforce this Wire Act and who knows what examples they'll make. But onto practical matters:

What's better, check or wire?

Is a CTR report still made out for 10K even if its wired?

Will a SAR be filed too?

Would introducing myself to the bank manager lessen the chance of a SAR being filed. Should I introduce myself to the bank manager and would it be bad to tell them the money is from gambling? I assume they would ask.

Any accountants/bankers out there?

N G T

ONE MORE THING- oh no I'm alreayd hijaking my own thread. I've heard they file reports on as little as 4K? Is 10k the old school number?

rolemand · 07-24-2006, 06:09 PM

Personally I think you may be a little paranoid here. I would suggest using the EFT method back to your bank account for about 3500 at a time. My bank only allows 4k at a time anyways so that's what I do. At most I've done like 3 in a day and I think I kept the total under 10k

bigboydan · 07-24-2006, 07:00 PM

I do know that anything under $10,000 the banks are not obligated to report it.

paul2650 · 07-24-2006, 07:23 PM

NetTeller has told me that a check from them can take as long as three weeks to arrive....I wouldn't want to wait that long if I were you.

BigDaddy · 07-24-2006, 07:43 PM

Quote:

Originally Posted by paul2650

NetTeller has told me that a check from them can take as long as three weeks to arrive....I wouldn't want to wait that long if I were you.

a check for $11 will arrive in 1 day request it monday before 1:30 PM est get it tuesday

Chuck Sims · 07-24-2006, 08:40 PM

You are being ridiculously paranoid. What has the Feds going after criminals at BOS with Netteller? If you want your money just have it sent via EFT to your bank free of charge.

Willie Bee · 07-24-2006, 09:01 PM

If you're uncomfortable with it and it will make you feel better, transfer something like $9,876.54 out and do whatever you want with that. But whatever you decide, don't go telling your bank manager all about it. Give him a chance to remain ignorant on such matters.

JDK192 · 07-24-2006, 09:43 PM

You can wire as much as you want and it won't be reported. CTR (cash transaction report) is only involved in CASH deposits and withdrawls over $9,999.99. You can deposit or withdrawl checks or EFT or Wire any amount (even 7,8 figures) without sending a red flag or the bank even noticing (depending on the bank). SAR (suspicious activity reports) are rarely done, because bank employees really don't care. You would have to be unemployed and bringing in loads of cash everyday for someone to fill out that report. Don't worry about your bank, if you get audited that is a different story.

pags11 · 07-25-2006, 04:20 AM

I'll be making my football deposit with neteller here soon...I'm really not too worried about it...

paul2650 · 07-25-2006, 07:41 AM

Quote:

Originally Posted by BigDaddy

a check for $11 will arrive in 1 day request it monday before 1:30 PM est get it tuesday

What do you mean by "a check for $11"?

I had $200 in my account and was having trouble with their ATM card.

So I called them on the phone, and the rep told me that if I wanted a check it could take up to 3 weeks.

Fortunarely, we got the card to work.

rolemand · 07-25-2006, 08:52 AM

Quote:

Originally Posted by JDK192

You would have to be unemployed and bringing in loads of cash everyday for someone to fill out that report. Don't worry about your bank, if you get audited that is a different story.

Wouldn't a professional gambler be "unemployed" and have the ability to bring in "loads of cash" everyday?

rolemand · 07-25-2006, 08:56 AM

Quote:

Originally Posted by Newguyintown

I have quite a balance at Neteller and am pulling out a substantial amount of money there. I report everything (you'd be crazy not to when you have money going from Neteller directly to your bank) but I'd still like the least hassle/paperwork, especially now that I'm worried about the legality of gambling money- Id like as little attention as possible.

Then surely you've filed TD F90-22.1

http://www.irs.gov/pub/irs-pdf/f9022-1.pdf

So they (the Treasury Department) already have "an idea" of what you have had in Neteller at any one moment anyway.

JoshW · 07-25-2006, 12:05 PM

JDK - Bank wires can easily draw suspicion and reports. They don't if it not unusual for you to do them, but 5 figure bankwires all of sudden when you don't usually get any have let to reporting in the past. The government keeps the standards pretty loose, but that just puts a lot on the bank to decide what to report in terms of checks and bankwires.

koko · 07-25-2006, 01:02 PM

Banks can report any transactions they view as suspicious, regargless of the amount. I would think that some bank managers would consider it suspicious when an account get multiple $2000 transfers in a short time frame, especially is the account hasn't had them is awhile.

In regards to keeping off the radar, Neteller ATM could be a good way to go, but with withdrawal limits of only $1000 per day, this could take awhile.

To keep off the radar and expedite things, I'd go with a check from Neteller. If the balance is large, you might want to go with mulitple checks. Then just deposit the check(s) to your bank account.

You can even take this one step further by taking the checks to a check cashing place, pay the vig there, and then deposit the cash into your bank account. Banks love cash and never thing it is coming from offshore.

JDK192 · 07-25-2006, 02:04 PM

Lakerfan - you are right if you're talking about outgoing wire transfers. Banks don't even know when they get incoming wire transfers. It's all electronic nowadays, at the branch level a manager has no idea when a 7 figure wire hits any of his cutomers accts.

Koko
You're right, banks can fill out an SAR on anybody, amount of money doesn't matter. However, when I managed a bank (only 4 years) not 1 SAR was ever filled out. No one cares, no one working in the branch makes over $60k a year so they're not paid enough to be a snitch. Again banks aren't notified at all on Neteller EFT's regarless of the amount. Your other suggestions of check cashing and Neteller ATM's are definately the way to go to avoid IRS.

koko · 07-25-2006, 03:58 PM

Quote:

Originally Posted by JDK192

Lakerfan - you are right if you're talking about outgoing wire transfers. Banks don't even know when they get incoming wire transfers. It's all electronic nowadays, at the branch level a manager has no idea when a 7 figure wire hits any of his cutomers accts.

Koko
You're right, banks can fill out an SAR on anybody, amount of money doesn't matter. However, when I managed a bank (only 4 years) not 1 SAR was ever filled out. No one cares, no one working in the branch makes over $60k a year so they're not paid enough to be a snitch. Again banks aren't notified at all on Neteller EFT's regarless of the amount. Your other suggestions of check cashing and Neteller ATM's are definately the way to go to avoid IRS.

Just to be clear, I was talking about avoid raising a red flag at the bank. I pay all my taxes and I assume/hope everyone else here does too.

I would never tell someone how to avoid paying taxes and/or help them to evade paying taxes. That would be wrong.