Managing cash not in play

[TheStation]

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If you are paying taxes on it already ... I don't see any reasons you couldn't pump it through to Emigrant/ING and leave it earning 4% or so. That's where the remainder of my roll is sitting now and I can usually recover it within a couple of business days.

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I pump all of mine though ING and have their checking account along with my savings which helps a lot, I still have BoA so I can deposit in ATMs but the ING checking ATM card is key to getting to those funds quickly without waiting for a transfer back to BoA

[nobazn]

2 options in a casino. One is a safety deposit box, and the other is a player's bank. The safety deposit box has a small fee to it but you can store anything in it if you want. The player's bank for most casino's don't charge for money, but it is reported to IRS,

[AngusThermopyle]

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The player's bank for most casino's don't charge for money, but it is reported to IRS,

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If you mean they take the records and send them to the IRS, wrong.
If you mean the IRS can get hold of them if you are under investigation and they know they exist, right.

[mo42nyy]

atleast change your locks
the first thing i do when i move is change the locks

[Jimbo]

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The player's bank for most casino's don't charge for money, but it is reported to IRS,

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If you mean they take the records and send them to the IRS, wrong.
If you mean the IRS can get hold of them if you are under investigation and they know they exist, right.

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As of 7/01/07 all cashier cage transactions over $3000 are recorded and reported monthly to the IRS. Formerly only amounts over $10K in any 24 hour period were reported, these are still reported. An SAR can be generated for any amount if the activity is well, suspicious. [img]/images/graemlins/smile.gif[/img]

Jimbo

[F0rtysxity]

I wouldn't recommend the safe deposit box for this amount. The cheep ones can be cut open and the more expensive ones would be too large a portion of the bank roll.

Are you declaring this income to the IRS? Sounds like it. If so just throw most of it into a savings account (yes, they'd be glad to give you one). Keep 4 buyins around Mike McD style and you are good. Some savings accounts now a days offer up to 5%. Go for these.

[MrBrightside]

well, I have a similar situation.

I have a money market account linked to a local savings account (only poker, nearby work to deposit money in). The money market is Virtual Bank , PM me if you want an account, I think I can get a referral fee for?). They pay almost 5% on that right now.

I keep about 4 buy ins in cash (I play 1/2, so $800 or so) hidden in my house, I usually don't bring that much to casino, I bring like $500 or so and the ATM card.
Only problem is, ATM withdrawl on my local account is $250 a day. I'm going to try to see if they will raise it, if not get another (local) savings account I can deposit/move to virtual bank with an ATM with higher withdraw.

I have been meaning to check at RiverWind (OK) where I play, to see about a box there.. anyone done it?

[NotMitch]

If you can deal with a $1500, withdrawal limit Bank of America has worked for me.

[jfk]

Since so much of your play is in the same place, it makes a lot of sense to open a box/account. It generally takes less than a minute to get chips and you don't worry about having a large portion of your net worth on your person.

[XChamp]

I understand some concern with ATM withdrawal limits, but if you can plan ahead more than a few hours (except sundays and holidays) it isn't that hard to go up to the teller and say " I would like to withdrawal $XXXX in hundreds please." They give it to you and ask no questions, at least in my experience.