Question on casino credit

[DGenBen]

Wells Fargo is kind of notorious for asking customers to bank elsewhere if they have “ too much” cash transaction history.

I have heard this from a number of sources. I can't say I really understand the rationale behind it. It is your money, you should be able to move it in and out of the bank as often as you want. Obviously doing so almost daily, raises suspicion of drug dealing/money laundering type stuff. An AP should go into his primary bank and talk to the manager of the local branch. Explain that you are an AP / professional gambler. I have a letter from my attorney stating I am a professional player and have taken it with me to the bank twice when I met with a manager, but it was never necessary to show it. You just tell them who you are and what you are doing, and they generally are very receptive and understanding. That said, I don't deal with the bank mentioned.

I think it has to do with their concern about being in compliance. Cash transactions trigger a lot of legal guidelines and paperwork and for smaller customers they don’t want to deal with it.

Money laundering from big customers like major Drug Dealers or Corrupt foreign governments they are perfectly happy to deal with because its large amounts.

I use a small credit union for most of my cash transactions and they are perfectly happy with it as credit unions are much more customer focused than the large banks.

[MisterV]

I wonder whether Wells Fargo would have less concern about frequent cash transactions if you opened a business account as opposed to a personal account?

Seems legit for a professional gambler to use a business account.

[kewlJ]

I think it has to do with their concern about being in compliance. Cash transactions trigger a lot of legal guidelines and paperwork and for smaller customers they don’t want to deal with it.

Money laundering from big customers like major Drug Dealers or Corrupt foreign governments they are perfectly happy to deal with because its large amounts.

Yes but SAR are kind of open-ended. If you read the guidelines several say "transactions of $5000 or more that the bank suspects or has reason to suspect illegal activity". You want to remove that element by sitting down and explaining what you are doing up front.

And not just AP's and gamblers. Suppose you are someone who buys and resells automobiles, sort of an unofficial car dealer. Nothing illegal about that. But if you are moving thousands of dollars in and out of your account a couple times a week, the bank will be suspicious and file an SAR as per the guidelines. But if you go in and sit down with the manager and explain what you are doing, then that same activity is no longer suspicious. The bank doesn't have reason to believe anything illegal and not required to file a SAR.

Special circumstances require a special relationship with the bank. You want to remove that suspicion and you do that by scheduling an appointment and telling them what you are doing.

[DGenBen]

I think it has to do with their concern about being in compliance. Cash transactions trigger a lot of legal guidelines and paperwork and for smaller customers they don’t want to deal with it.

Money laundering from big customers like major Drug Dealers or Corrupt foreign governments they are perfectly happy to deal with because its large amounts.

Yes but SAR are kind of open-ended. If you read the guidelines several say "transactions of $5000 or more that the bank suspects or has reason to suspect illegal activity". You want to remove that element by sitting down and explaining what you are doing up front.

And not just AP's and gamblers. Suppose you are someone who buys and resells automobiles, sort of an unofficial car dealer. Nothing illegal about that. But if you are moving thousands of dollars in and out of your account a couple times a week, the bank will be suspicious and file an SAR as per the guidelines. But if you go in and sit down with the manager and explain what you are doing, then that same activity is no longer suspicious. The bank doesn't have reason to believe anything illegal and not required to file a SAR.

Special circumstances require a special relationship with the bank. You want to remove that suspicion and you do that by scheduling an appointment and telling them what you are doing.

This works well at small banks / credit unions but big publicly traded banks like Wells are run by the same penny pinching bean counters who run places like MGM & Caesars.

In general they just want the most profitable customers that generate the least amount of expense. IE People set up on direct deposit through their employer that do all their banking online.

Is it worth trying? Sure. Just don’t know how much personal attention a Wells branch is going to give one person especially if they have a corporate policy of not wanting these types of customers.

[kewlJ]

My primary BR account is at a large nationwide bank (not Wells Fargo) and I have never had any issues. I know Wells Fargo has this reputation and have read several AP's have had accounts closed. I honestly don't know if it is lack of communication and relationship or if they just don't want anyone that moves money too much for their liking.

If that kind of thing IS indeed their policy, officially or unofficially, you find a bank more accommodating to your needs.

[DGenBen]

I am paranoid about carrying too much cash due to the possibility of it being stolen or seized w civil asset forfeiture.

Was considering applying for casino credit so I don’t have to carry so much cash, but noticed a problem. I file my taxes as a professional gambler and the credit apps have you sign under penalty of perjury that all info is correction and they ask for your occupation.

Don’t want to put professional gambler on the casino credit app. Anybody know of any work arounds for this issue?

Put Gaming Consulltant on the app and see what kind of reaction you get.

Lol! I like it!