I don't understand your concern with the time frame hold. Are you really worried about the check bouncing? If you had a legit concern then why didn't you just take the cash? I'm a bit confused as to why you keep pressing the issue about the hold?Originally Posted by Alan Mendelson
Checks clear in 24 hours. This is not the 1970s. Don't you find it unusual that there would be a ten day hold?Originally Posted by Boygenius
This morning the bank rep on the phone with me was asking what kind of business is Caesars. I said it's a casino in Las Vegas. The BofA rep asked "is this an online casino? Were these lotto tickets?"
About 10 years ago I had another big winning weekend -- but the check I brought home was $53,000. That check immediately cleared.
And you gave away money to these people as a tip for THIS kind of service? I would think Business 101 teaches never take a check from any entity involved in bankruptcy proceedings when cash is instantly available. I don't ever even trust a casino NOT in chapter 11 enuf to take checks for ANY amount. I'm sure Caesar's mgmt. was sweating it out until you bailed them out by taking a $90k check. Now YOU have to sweat it out for over a week. Is it worth it?
Rob I didn't tip Bank of America, and I have no concern about the check.
My problem is with BofA and not the casino.
There's an issue that BofA is holding your check for an unusually long time because of who the payer is. You've been with them a long time right? A $90k check written from WF and deposited into a good customer's account should have no more than a 3-day hold. BofA is my bank also and two months ago I put in a check from my brokerage account for $60k and there was a 3 business day hold. Caesars is the problem here.
Obviously. They've asked me enough questions about the casino aspect of it.Originally Posted by Rob.Singer
I am sure banks want to be careful they are not handling unlawful online casino money.
I tend to agree with Rob here -- taking cash was the no-problemo option. I had a sports future 14-15 years ago for a large chunk that was within two games of cashing. The casino was the Desert Inn and it was closing. I talked to upper management about whether the ticket was going to be easy to cash and what the protocols were for doing things smoothly. Bottom line -- they were not truthful. Had the ticket won, it would have been a complicated nightmare, as their instructions would have failed.
If bankruptcy and doors closing is Sword of Damocles stuff, no matter how big the company, I suggest taking the cash and eliminating any possible problems.
P.S. If you don't like carrying that much cash, Rob and I will work cheap as security!
Last edited by redietz; 10-04-2015 at 05:00 PM.
redietz had I known I was going to get a handpay for $100,000 less the $5,000 marker payback I would have called you to escort me to Bank of America.
Gee... would you have helped me explain $95,000 in cash to Bank of America too?
Here's the bottom line: get real.
I find it really curious that you assume you need to provide an explanation to a bank, with the assumption being that your word at your bank isn't enough to explain 95K. You lead a nervous life, Alan. I'll leave it to Rob to expound on the Freudian/lifestyle implications of thinking people might question your alibis for having some cash.
$95 - thousand in cash? Sorry. I have no idea how to carry that much without looking like a nervous mob bagman or drug dealer.
It's all in your mind Alan, as are most peoples' problems that really aren't problems. No one knows if you're about to deposit a hundred grand in cash, carrying a weapon, or packing a monster between your legs. They simply don't care. You can look like a mobster, sweat bullets, or pee your pants while you wait in line. No one could care less because ten minutes from that point no one but you will have any concern about any of it. Your tipping the floor staff for nothing is the biggest problem surrounding your big win.
3 times I've gone into BofA with at least $90k and as high as $106k in cash to deposit it. No one cares, they ask you a few questions as they fill out their paperwork, and you leave happy.
The w2-g and your picture of the hand will explain it. That said, nothing wrong taking the check. I just wouldn't trust anything Caesars.Originally Posted by Alan Mendelson
Alan--usually the check would say "debtor in possession", but they could have requested and been granted the right to issue checks without that. You actually shouldn't have to worry about the check from Caesars as it is "post petition"---in other words it was drawn after the BK was filed. Therefore, it has priority over other types of payment.Originally Posted by Alan Mendelson
While in general they can't put a 3 week hold on a check, B of A is notorious for this and can claim that they were concerned about the ability of Caesars to make good on the check under the circumstances. It's one of the vague exceptions to the regular Hold rules.
If you're worried, Rob and I will give you $85,000 for the check-lol.
I once carried over $140,000 in cash in the Wynn self parking lot, unescorted. I admit I was a bit nervous.
Anyway, I believe the check is being held NOT because of CET's bankruptcy, but simply because it's large compared to your usual balance there (I assume), and there are many cases of forged/fraudulent checks these days.
A common scam involves forging a large check from a big company, depositing it, withdrawing the cash after it clears, and disappearing. By the time it's discovered that the check is forged, the criminal has vanished.
While they are not suspecting Alan of criminal behavior, I imagine that his account typically has a balance of a good deal less than $90k, so they are waiting additional time to make the money available, allowing the other side to notice if it's fraudulent.
If you have a huge-balance account, or one that makes $100k transactions routinely, they don't worry about this and make the money available as soon as the check clears.
Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com
Also, Alan, I am surprised you are driving to Vegas in a car with 250k miles.
There are so many issues that can occur causing a catastrophic breakdown at mileage like that, even if the car is in good shape. That's the last thing you want in the desert between LA and Vegas, especially in the summer or winter.
Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com
100% agree. Eliminate the risk and buy a more reliable car. Just as in vp, past performance does not guarantee there will not be a future disaster.Originally Posted by Dan Druff
Even in a brand new car it is kind of nerve-racking driving to and from Vegas. Many places along the way there is no cell service, and when driving in the middle of the night who knows what you will come up against.
Gosh... it's nice to know I have so many friends concerned about my safe driving! Maybe I should start a new thread in the Automobile section of the forum to discuss life expectancy of autos?
Anyway, here's an update on Bank of America: I was told they will "clear" $4,000 either tonight or tomorrow morning.
Yes, you guys are right -- I never had a checking account balance that came close to $90,000 but I have been with BofA since 1987 and never had a bounced check or any account problem. I still think the "problem" is that the check came from a casino and twice now I have had conversations with BofA officials who asked me if this check involved online gambling.
In hindsight I should have done this:
Taken the Caesars check (written on Wells Fargo) to a Wells Fargo where for a $10 non-customer fee I could have had it cashed and then purchased a cashier's check for another $10 fee for deposit into my BofA account for immediate access.
So... the next time I hit a $100,000 royal that's what I'll do!!
I wouldn't touch any of it until at least a week has past. If that thing bounces you'll wish you never hit that royal.
Badbeet, many newer cars have a GPS link to emergency services. There is no need for paranoia anywhere in this country.
They still rely on a data
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