Money Mart?
- Thread starter jbar
- Start date
I regularly cash my cheques from bookings there... and I have no problem. It took me about 15min to set up an account and I can cash them anywhere I am now no problem, show a piece of ID and im in and out in less then 5min with no hassle. And yes the cheques are over $1000... and I dont find the fees to be THAT bad considering some other places i've used.. I think my last $1500 cheque cost me like $40 to cash or something..
C
Cute In A Kilt
toolioiep said:
You get your cash right then, right there, that is why they are popular. Furthermore banks ask a lot of questions and WILL NOT open an account for you without a gazillon things first. Money Mart, at best two pieces of current photo gov ID, at worst they have another system to verify you are who you say you are and away you go.
It's a lot easier to get a higher amount check cashed Monday to Friday during business hours, that way they can call whoever they need to cash the cheque, nighttime and weekends not so much resources
When I USED to work at MM, they charged 2.9% + 2.99 item fee on the cheque .... so your probably paying them about $30 - 40 for $1000. Just call them on the phone and they will tell you exactly how much you'll get back!
C Dick said:
But if their "normal" bank account is frozen for whatever reason (e.g. pending legal dispute), Money Mart will have no clue about it if they ask for normal ID (e.g. driver's license, SIN, birth certificate) in order to set-up a new account.
However, if they ask for a bank account number (which is frozen), and they go through the process verifying it with the actual bank, that might present a problem. I want to know if Money Mart "talks" to these banks.
Lastly, how is Revenue Canada linked with places like Money Mart? Does Money Mart issue government documentation or report the account to a credit bureau (e.g. Equifax)? As far as I know there ARE facilities in place that handle non-bankables such as Card One Plus (I was interviewed by them for a job once) that completely bypass all conventional banking policies/legislation. Since places like Money Mart are not crown corporations, their business does not present any real risk to the government. Therefore I assume the govenment monitors this type of business the way that they monitor a Mac's Milk. But once again, I'm looking to see if they linked to the banks in any way shape or form.
Cheers
I don't think they are linked to the banks, and since the whole point of Money Mart is for people who do not have accounts, I would think that if you had a frozen account, and denied having an account, you would be fine? But Revenue Canada can get whatever they want if they are auditing you, it would be too easy if you could get cheques and not have to declare the income simply by cashing it at Money Mart.
You can get whatever cash back you want from an ATM from a cheque, 24/7, if you have decent credit. I was in at my bank the other day, she asked if I wanted a higher ATM daily or weekly limit, she suggested I go with $2,000 per day and $6,000 per week. But the system went much higher, it is just that the higher you go, the more you could be ripped off for if the card is stolen. Assuming you would have that in your account. I don't really have a need to withdrawn $5,000 at a time, my sexual stamina runs out way before I spend that much.
You can get whatever cash back you want from an ATM from a cheque, 24/7, if you have decent credit. I was in at my bank the other day, she asked if I wanted a higher ATM daily or weekly limit, she suggested I go with $2,000 per day and $6,000 per week. But the system went much higher, it is just that the higher you go, the more you could be ripped off for if the card is stolen. Assuming you would have that in your account. I don't really have a need to withdrawn $5,000 at a time, my sexual stamina runs out way before I spend that much.
C Dick said:
I agree with your statement; the set up seems to be to good to be true.
I'll re-iterate my question/comments; if Money Mart is not linked to the banks, then where is the paper trail that Revenue Canada and the auditors are looking for? Let's say I go in to a Money Mart, and am able to open an account by using a driver's license and/or birth certificate and/or SIN card, and then cash a cheque for $1,000. How does the government and/or auditors know that I obtained that cheque and cashed it since there is no paper trail? That is like me endorsing a cheque to my sister, have her it deposit to her account, and have her give me the cash once it is cleared. In both cases the money shows up NOWHERE on my books/records.
I would like to think that the process would be this easy, but Money Mart could be an unknowing participant in a money laundering scheme. As a corporate banking manger, I know how cranked up the government is about anti-laundering legislation (e.g. Sox compliance, Bill 158) , and that they would like to eliminate all of cash channels that the underworld uses.
Oh fuck it, I'll go try it out myself if and when the need arises. I'll let you know what happens.
They could end-up having a new advertisement:
**** Money Mart - Your Legallized Money-Laundering Partners ****
Cheers
jbar said:
Short answer, yes to the CRA, and the moment you do something that looks like taking a loan, yes to the credit bureau as well. There are laws in Canada that specify when a transaction has to be reported to the govt., not every transaction is reported, but some definately are.
Places like TD and RBC are not crown corporations either. All financial institutions are monitored NOT because they present a risk to the govt., but as part of anti-money-laundering legislation that the govt. passed to ensure that suspicious transactions are reported.
Of COURSE they are. How do you think they clear cheques?
fuji said:
Ah, that makes sense.
[/QUOTE]Places like TD and RBC are not crown corporations either. All financial institutions are monitored NOT because they present a risk to the govt., but as part of anti-money-laundering legislation that the govt. passed to ensure that suspicious transactions are reported.[/QUOTE]
I believe it is a combination of both; risk analysis and mitgation plays a tremendous role with the banks.
[/QUOTE]Of COURSE they are. How do you think they clear cheques?[/QUOTE]
Yes, I know that cheques going through proper clearing houses (rules set by Canadian Payment Association, etc...). I over-generalized by accident. When I mean "linked", I meant within the context of account creation/monitoring at Money Mart.
Cheers
Moraff said:
That money would be allocated to non-tracable expenses (e.g. bars, strippers, restaurants) instead of buying assets.
I guess the next thing someone is going to tell me, is that Rev Canada will send someone to spy on me 24hrs/day and follow me around taking pictures.
No, but they could easily catch you in another way. Where is the money coming from? Some company or person right?
So what happens when CRA audits them, finds the record of a cheque to you, and then asks you where the cheque went?
If the cheques add up to less than $10k you're probably not going to have the transaction _automatically_ reported to CRA, but if you have a $10k cheque, or a series of cheques that add up to $10k, you can be pretty sure CRA knows about it. The rule is, IIRC, that it's reported when any of the following is true: transaction >$10k, or series of transactions >$10k, or transaction is suspicious in any way. That last term is pretty vague, and the compliance ppl aren't dumb, so don't just assume that your $9999.99 transaction isn't being reported.
Activities designed to hide the total sum tend to make you look even more suspicious--like using 30 different institutions so none add up to $10k or something. At that point if you do get caught you are probably facing not just penalties and interest charges for the unpaid tax, but additional charges potentially leading to jail for the blatant tax evasion.
So you can lower the odds of getting caught, but only by increasing the penalty if you do get caught.
So what happens when CRA audits them, finds the record of a cheque to you, and then asks you where the cheque went?
If the cheques add up to less than $10k you're probably not going to have the transaction _automatically_ reported to CRA, but if you have a $10k cheque, or a series of cheques that add up to $10k, you can be pretty sure CRA knows about it. The rule is, IIRC, that it's reported when any of the following is true: transaction >$10k, or series of transactions >$10k, or transaction is suspicious in any way. That last term is pretty vague, and the compliance ppl aren't dumb, so don't just assume that your $9999.99 transaction isn't being reported.
Activities designed to hide the total sum tend to make you look even more suspicious--like using 30 different institutions so none add up to $10k or something. At that point if you do get caught you are probably facing not just penalties and interest charges for the unpaid tax, but additional charges potentially leading to jail for the blatant tax evasion.
So you can lower the odds of getting caught, but only by increasing the penalty if you do get caught.
fuji said:
While that theory is sound in principle, it is practical? Does it happen? They might as well be auditing everybody in Canada at the same time.
Based on your quote above, what you are telling me is that when a company/person who issues cheques for whoever is audited, then every single payee of that company/person is in turn audited?
Also, I can't see CRA starting from the other way. For example, I can't see them saying "OK, we are going to make a list of everybody that writes cheques to Terb member jbar (or that jbar knows), and then we're going to audit every single one of those people/companies so that we can catch jbar in the act.". They don't have a clue who I know. Let's say I have an account at RBC which is frozen (for whatever reason), and I'm need to go to Money Mart and cash a $2,000 inheritance cheque (from my maternal grandmother, who therefore has a different last name). How does CRA know who my maternal grandmother was?
Unless I was a career criminal who launders large sums of money on a regular basis, I don't see how the CRA would be interested in a nobody like me. All-in-all I'm only talk about a theorical one-time shot of about $2,000-$3,000 while a 'normal' bank account is tied up in a legal dispute.
Cheers
Serpent said:
I tried Googling BSA, and here is what I got:
Business Software Alliance
Business Start-up Assistants
Boy Scouts Of America: you know, the hardcore pyromanics and squirrel killers. I was alway suspicious of them.
How about a link chief? I would like to see how this US law (whatever it is) applies in Canada.
Thanks
It doesn't apply to Canada but there are parallels:jbar said:
US law: http://www.occ.treas.gov/BSA/BSARegs.htm
Canada law: http://www.fintrac.gc.ca/act-loi/ConsolAct_10022007_e.asp
Check out links on this site: http://www.fintrac.gc.ca/questions/FAQ/1_e.asp
Also, it's not the CRA but FINTRAC monitoring your MoneyMart transactions. In the US, it is FINCEN.
There is a compliance regime and Crown Corps. or not, everyone has to comply.
