Points from gas stations

[Legal_Bookie]

That's terrible Rich, the government is ever encroaching on our wallets. Just the other day I heard news CRA is requesting info from PayPal now.

Also I didn't know Sobey lets you play lotto there with gift cards. Usually I use their GC to buy grocery at Freshco which is much cheaper.

I hope they do I also heard FINTRAC is doing the same thing with bank accounts a bro works for a bank told me

[tshi2015]

deal on ebay 500$ air canada e-card for 460. not lotto related but if planning travel this holiday could be helpful.

[Biffalo Buff]

Hey Rich,

Thanks for sharing. That sounds like it would have been an awfully stressful time for you and your family. I'm glad it's behind you. I can only imagine what the conversation would have been like when your bank told you that they were closing all your accounts and that they were also charging you fees for ending your mortgage early.

I have been using more gift cards lately. This ends up cycling money through the banking system and I was wondering about scrutiny from frequently depositing cash. I had honestly been meaning to send you a PM Rich to ask "hey, have you run into issues depositing large amounts of cash at your bank" as I know you have frequently posted about using gift cards. But since you posted publicly I will ask here:

Is there anything you would have done differently? In addition to using a separate bank and besides avoiding gift cards and credit cards altogether, I mean. Do you think it is best to keep deposits below $10k to avoid FINTRAC reports? Or is it better to deposit above $10k and trigger FINTRAC reports and be able to give an explanation? Better to deposit at an ATM and hope to fly under the radar or best to deposit with a teller so that you be as open as possible about deposits and even show payout receipts if anyone asks?

Does anyone know if there is a way of being paid out by cheque? I imagine depositing cheques at banks from OLG would not get anywhere near the same scrutiny as the same amount of cash. I asked at a casino what their policy is for paying out tickets in the $1000 to $9999 range and they said they would only pay out by cash.

Canadian Tire gift cards, when they are 10% off, and other similar offers are too good to pass up. But your story certainly makes me think that even 3% cashback credit cards are not worth the added risk.

Anyone else care to share experiences with banking?

[tshi2015]

pay with your canadian tire credit card, then pay off bill of credit card in store with cash.

[zoo99]

pay with your canadian tire credit card, then pay off bill of credit card in store with cash.

This what I did/do but it has twice trigger a letter from Canadian Tire Bank Security, with a form that I had to fill out declaring where all the cash was from etc.

[richhhh]

Hard to say Biff, I think any amount can trigger FINTRAC I believe several smaller deposits look more suspicious then one large one. Anything over $10000 requires some questions from the bank which is ok . I agree cheques are best and if you are following store limits send your tickets to OLG if your not your going to get your store in trouble. I think we all have are go to stores that can run tickets smoothly over the limits. Just like not having any of those tickets paying over $1000 we cannot send piles of them to OLG even if they are under $1000 each. Banks do not like cash that is for sure . I know someone that runs a Halloween store every year and during that time she daily deposits store sales cash to RBC which is across the street and RBC charges her 2% of the deposit amount.

[tshi2015]

she daily deposits store sales cash to RBC which is across the street and RBC charges her 2% of the deposit amount.

That's really a rip off by RBC! Aren't there these ATM that can instantly count cash and deposit now?

[zoo99]

Large cash transactions
When you receive $10,000 CAD or more in cash, either in a single transaction or in multiple transactions, within a 24-hour period you must submit a report within 15 calendar days.

This is from fintrac website

[bangminton]

Curious to hear what you guys have been cashing big (>10K) this season: PointSpread, ProLine, Props, Pools? or if this is just general banter and conversations

I certainly have not been having this kind of *good problem* lately and I try to get plays in when I can, before OTB/LLE.

[red_falcon]

she daily deposits store sales cash to RBC which is across the street and RBC charges her 2% of the deposit amount.

That's really a rip off by RBC! Aren't there these ATM that can instantly count cash and deposit now?

Yes, there is ... CIBC and TD come to mind. However, it is only 50 bills that you can deposit at a time at most.

Red. =)