Managing cash not in play

[pacecar86]

Kurt, this is EZ. Open up 2 accounts. One at your bank, separate from your living expense account, and one at Schwab. Schwab will pay you 4.5% plus on their normal MM. Your bank will pay you close to dick squat% unless you buy CD's. Keep 90% of BR on the Schwab side. Use Schwab MoneyLink to transfer $$ back and forth online. Zero fees. Use Schwab ATM to withdraw cash. Schwab rebates all ATM fees. With an 8K BR, the normal $1K in 24 hours limit would prolly be fine. Option: xfr from Schwab back to bank, then wire from bank to casino. Deposit your winnings in your casino account, accumulate to point where you want to deposit some/all of it on the bank side, then xfr to Schwab.

[PokerKhan]

How about an online savings account at Ing Direct - they pay 4.5% APY. You can deposit or withdraw at any time via online transfer to/from a normal bank checking account. Transfers take 3 business days. If you like this, you can pm me with your email address and i'll send you a referral e-mail so we can both get a cash bonus when you sign up - $25 for you and $10 for me. BTW, Ing is one of the largest banks in the world - the account is very secure, and FDIC insured.

[SpineyFish]

Try calling your bank to raise the ATM limit. I did that with Citibank and was able to get it raised to $3K when I needed it. I'm guessing that they could go higher if I needed to. They did asked why I needed the money, but I told them that I didn't want to answer that question and raised the limit anyway.

[LiveInPeace]

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Try calling your bank to raise the ATM limit. I did that with Citibank and was able to get it raised to $3K when I needed it. I'm guessing that they could go higher if I needed to. They did asked why I needed the money, but I told them that I didn't want to answer that question and raised the limit anyway.

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It bugs me when banks ask questions like this, especially if I'm not borrowing from them. WTF? They think they have the right to know what color underpants you're wearing and everything.

[Jimbo]

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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

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What?! If you're right, I'm screwed. Can you direct me to your source?

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This isn't my source but I think it verifies what I described in simpler terms.

Jimbo

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That link says that all transactions over $10,000 must be reported. For transactions over $3,000, they just have to take down your info (presumably in case you make another large transaction in the same day, which could bring your total to over $10,000)

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Too much trouble to read the whole page???

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All individuals conducting certain large currency transactions for themselves or for another person must be positively identified by obtaining the name, address, social security or other identifying number, and date of birth. In addition, the regulations require that the individual's name and permanent address be verified and recorded. Transactions that require the casino to obtain identifying information are:

Purchases (buy-ins) of chips, tokens, or plaques of $3,000 or more, by one or more transactions in currency during a gaming day.
Cash bets or wagers of $3,000 or more, by one or more transactions in currency during a gaming day.
Transactions involving personal checks, business (including casino) checks, official bank checks, cashier checks, third party checks, promissory notes, travelers checks and money orders having a face value of $3,000 or more.
Purchases or redemptions of slot machine tokens of $3,000 or more, by one or more transactions in currency during a gaming day.
All other customer transactions of $3,000 or more in currency.
The opening of any type of deposit account, credit account, credit line, or other account by or on behalf of a customer.



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Jimbo