Credit/Debit Cards: Do you / would you use them and /or accept them??

[LaffingBear]

ATMs outside of banking locations sometimes dispense larger denomination bills. Some stand alone drive up ATMs in Texas dispense $50s if you take out more than $100. The 1st $100 comes in $20s and the rest comes in $50s (so a $500 withdrawal gives you five $20s and eight $50s).

The ATM at my bank permits choice of denomination. It will dispense fives twenties and hundreds. Not sure about tens or fifties.

 

The combo ATM/ticket redemption machines in casinos dispense everything from singles to hundreds when redeeming tickets. I dont know if the same applies when used as ATM.... but logically, it should.

 

I wouldn't hire with a credit card. I formerly had an anonymous paypal account I used.... I suppose a sleuth could have tracked to my identity... but at least it thwarted the casual, nosey guy.

[samhexum]

In any discussion involving ATMs, I have to mention that my favorite ATM is no longer in use. In the late 80s, IBM made an ATM that gave out exact change... down to the penny. I was frequently broke at the time, and often needed to take out as much as possible. There was no online reconciling of your accounts back then, so I had to call customer service if I wanted to check what had or hadn't cleared or posted; it was always fun when I'd get a rep who'd see that I'd made an ATM withdrawal of something like $17.68... I had a few ask me HOW?

 

I got curious last year, & emailed IBM asking if they had any details about the machine, since nobody else had ever heard of such a thing. They sent me a copy of the sales pitch they sent out in 1987.

 

International Business Machines Corporation

 

IBM 4732 Personal Banking Machine Models 001 and 002

 

The IBM 4732 Personal Banking Machine is designed to automate a

wide range of financial services and teller activities. It is

designed for either free-standing or through-the-wall

installation, indoors in bank lobbies, vestibules, supermarkets,

shopping malls, corporate locations, etc., or exposed through

bank wall or kiosks in remote locations. It can be attached to

the IBM 4701 Controller, 4702 Processor, or to a host/sub-host

system. It can attach to existing networks that support IBM

Personal Banking Machines or most networks that support other

common ATM's using its 3624 Emulation feature or its Alternate

Connect Feature.

The 4732 can dispense coins and accept checks without an

envelope. It can cash checks in the exact amount or accept them

for deposit with or without cash back. For the customer, this

means they can deposit or cash checks in the same manner as with

a teller, and they are not required to fill out either a deposit

slip or an envelope. The financial institution can be relieved

of the dual custody requirements of handling envelopes, and the

checks can be processed as a single deposit of multiple items

rather than multiple deposits, thereby providing significant

back-office savings. The 4732 also provides statement printing

capability that allows the financial institution to offer greater

value and service to its customers.

 

All models handle cash as well as non-cash banking

transactions.

 

Prices:

IBM 4732 Model 001: $19,900

IBM 4732 Model 002: $19,900

 

11/03/87

Edited January 26, 2019 by samhexum

[mike carey]

Over my last couple of visits I've used Chase and Bank of America ATMs and both allowed me to select the notes I'd receive. BoA allowed $100s, $20s and $10s. Clearly neither of these is my bank and they charged a $3 fee but that's a small price to pay for being able to withdraw $100s. (My bank doesn't charge me a fee for foreign ATM withdrawals.) An added bonus for me (obviously not for Americans withdrawing USD) is that I got a 3 cent better rate on the AUD than either using a credit card or changing money before leaving Australia.

[rvwnsd]

All it takes is one chargeback with a little too much information and BAM! You're saying goodbye to a lot more than just that session fee. Remember, most credit card processing companies, including Square, don't permit escorting related activities and depending on the company, can reverse several weeks of transactions and pull those funds from your bank account....

You are absolutely right. I don't remember the exact wording, but the merchant agreements usually reference "adult content" or some such. Even if they didn't deduct money from your account, they could halt your ability to accept cards.

 

Not everyone is as upstanding in their dealings as are the majority of the members of this forum. There are guys who will hire and pay with a stolen card, those whose intent is to dispute the charge, and others who might be dallying outside of a relationship and when found out claim the charge to be unauthorized and file a dispute. Sadly, the bad actors ruin things for everyone.

[+ BenjaminNicholas]

Just be aware $10K total transfers to 1 person in a year can bring requests for forms to be filled out.

 

That's just in relation to gift giving/tax: https://www.irs.gov/pub/irs-news/at-01-31.pdf

 

As far as what a bank would report on a CTR when it comes to account withdrawals or deposits, the old-school $10k train of thought has changed significantly. It's a lot tougher to circumvent a bank's ability to see the wider picture.

 

I know we have a few here in the banking industry who could explain this much better than I.

[TruHart1]

I have also noticed recently that my local Bank of America ATM's have begun to have the option of withdrawing $100 bills now. A number of years ago (2013) in NYC when I had the chance to grab a prime ticket for a sold out Broadway show (Kinky Boots) but the box office would only accept cash because that ticket was for the same night and had only become available when a large group had canceled at the last minute, I was very pleased to find the ATM at the Times Square Bank of America dispensed $100 bills!

 

TruHart1

[+ tassojunior]

You are absolutely right. I don't remember the exact wording, but the merchant agreements usually reference "adult content" or some such. Even if they didn't deduct money from your account, they could halt your ability to accept cards.

 

Not everyone is as upstanding in their dealings as are the majority of the members of this forum. There are guys who will hire and pay with a stolen card, those whose intent is to dispute the charge, and others who might be dallying outside of a relationship and when found out claim the charge to be unauthorized and file a dispute. Sadly, the bad actors ruin things for everyone.

 

I got a notice from Facebook that my total transfers that year in Messenger to my #1 was approaching $10,000 and that forms would be required if I went over that. Nice that they warn you even if it's just a verification it was "gifts". I suspect those "gifts" might trigger something worse.

[rvwnsd]

That's just in relation to gift giving/tax: https://www.irs.gov/pub/irs-news/at-01-31.pdf

 

As far as what a bank would report on a CTR when it comes to account withdrawals or deposits, the old-school $10k train of thought has changed significantly. It's a lot tougher to circumvent a bank's ability to see the wider picture.

 

I know we have a few here in the banking industry who could explain this much better than I.

Yup. In short, when an entity (whether they are a person or a business) transacts in an amount of more than $10K in cash the bank is required to file a CTR with FinCEN, the Financial Crimes Enforcement Network. In the olden days, the CTR would be filed if a single transaction met the threshold. As technology evolved the law evolved and banks are now required to aggregate transactions. When an entity tries to create a series of transactions in a way that would avoid reporting, which is called "structuring," the bank is required to file a Suspicious Activity Referral.

 

The initial reason was to deter money laundering, which often occurred in conjunction with organized crime activities and drug dealing. After the 2001 terror attacks it became known as a way to detect and deter the financing of terrorism.

 

Wikipedia has a decent explanation in layman's terms.

[NYCBttmDad]

Unless you want a digital trail of your activities and the revelation of your real name and details, you'd best stick to cash.

 

Right ? But also, it will be great an encrypted transactions. I only use them in bars or a place that is established, like a bathhouse or a bar. Can remember if you can use in nyc’s two awful bathouse. I love those bars with lap dance then boys walking around for private specially in Europe. I used there too; for the lap dance I won’t recommend at least you want them to charge u for like a bunch of songs set.

Edited January 31, 2019 by NYCBttmDad