Withdrawing Funds to Bank Accounts

jujujaja34 · #1 03-04-2005, 04:23 AM

Have you guys had any problems withdrawing funds from Neteller/IGMPay to you bank accounts for larger amounts? I want to withdraw $15,000 to my bank, but don't want to "structure" smaller payments and am concerned with triggering any thresholds...

Any thoughts?

Thanks,

jujujaja34

jon593 · #2 03-04-2005, 04:28 AM

i would break it up so you dont trigger your bank to contact the irs or something especially if your not going to claim it on your taxes. neteller wont send it to you in 1 deposit anyway they will break it up and send it to you in multiple deposits

jujujaja34 · #3 03-04-2005, 04:34 AM

jon593,

I will be paying all my taxes, so that's not a concern. Breaking the money into smaller payments would constitute "structuring" and could easily be looked at as money laundering by a bank.

jujujaja34

Kenrick · #4 03-04-2005, 05:17 AM

If you're paying your taxes, I don't know what there is to worry about. If you are skimming on your taxes, then there might be cause for concern. Sounds like you are a boy scout, so no worries.

Michael Davis · #5 03-04-2005, 06:45 AM

Neteller breaks the deposit into $5K amounts at most. But if you are paying all of your taxes, triggering shouldn't be an issue.

-Michael

LondonBroil · #6 03-04-2005, 01:27 PM

Hypothetically speaking, lets say a friend of mine is withdrawing $500 every 2 weeks like clockwork into his checking account. Do you think this would raise any red flags since my friends total deposits for the year would exceed $10K?

driller · #7 03-04-2005, 02:13 PM

I think structuring involves breaking up CASH transactions so as not to generate a CTR (cash transaction report). Since your transfers would not involve cash, I don't think there is a problem.

There is a report that casinos and banks have to fill out if it involves "suspicious activity", but I don't know what the criteria are.

I doubt that one lump sum would be any more suspicious than several medium sized sums deposited close together.

kdog · #8 03-04-2005, 05:09 PM

[ QUOTE ]
Do you think this would raise any red flags since my friends total deposits for the year would exceed $10K?

[/ QUOTE ]

Only if your friend is audited. Banks process eft's all the time for all kinds of people. Unless something triggers them to look at this as suspicious(unlikely) you have only the tax man to be concerned about.

LuvDemNutz · #9 03-04-2005, 05:53 PM

How exactly would the "tax man" find out about gambling winnings?

Randy_Refeld · #10 03-04-2005, 06:03 PM

[ QUOTE ]
There is a report that casinos and banks have to fill out if it involves "suspicious activity", but I don't know what the criteria are.

[/ QUOTE ]

When I have had to fill out SAR (suspicious activity report) it invloved someone structuring cash transactions to avoid reporting requirements or someone cashing in or buying a large number of chips without wagering.

RR