Nordstrom Cash Payment Disclosure.

[09Lexie]

I was checking my Nordstrom statement - I rarely look at the fine print- and I came across this interesting disclosure.  Quite honestly, I don't think I have ever seen this warning. 

Information Regarding Your Nordstrom Account

Important reminder regarding in-store payments

We offer many ways to pay your Nordstrom credit account in our stores, including personal checks, Visa or MasterCard check (debit) cards and money orders. We also continue to accept cash payments at Nordstrom store locations but want to let you know that if you choose to make a payment with cash, due to heightened regulatory interest in cash payments on credit accounts, we may need to collect additional information from you. In rare instances where we identify excessive or unusual cash payments to your Nordstrom card, we may need to eventually close the account. For your convenience, we also offer online payment options at nordstromcard.com (including our auto-pay option) or free phone payments using the number on the back of your card. 

I never knew you could have an account closed for paying excessively in cash.  I always pay by check or auto draft  and I guess I always will. 

[daybreakgonesXe]

---

@09Lexie wrote:

I was checking my Nordstrom statement - I rarely look at the fine print- and I came across this interesting disclosure.  Quite honestly, I don't think I have ever seen this warning. 

Information Regarding Your Nordstrom Account

Important reminder regarding in-store payments

We offer many ways to pay your Nordstrom credit account in our stores, including personal checks, Visa or MasterCard check (debit) cards and money orders. We also continue to accept cash payments at Nordstrom store locations but want to let you know that if you choose to make a payment with cash, due to heightened regulatory interest in cash payments on credit accounts, we may need to collect additional information from you. In rare instances where we identify excessive or unusual cash payments to your Nordstrom card, we may need to eventually close the account. For your convenience, we also offer online payment options at nordstromcard.com (including our auto-pay option) or free phone payments using the number on the back of your card. 

I never knew you could have an account closed for paying excessively in cash.  I always pay by check or auto draft  and I guess I always will. 

---

I feel like that's something to prevent undocumented/illegal income that is not clearable via income tax standards. Like, for example, if you pay $10,000 worth of debt via cash, for one month. Many people would likely not pay that amount in cash, unless they have the annual income amount to back it up.

Furthermore, if you're paying ridiculous amounts of sums in cash with no background (example: you may make $40,000 a year, yet make $80,000 worth of payments in cash a year), they may have reason to shut down your account. It seems this may be more because of business abuse (say, you buy stuff off of Nordstrom, potentially at prices lower than market value, yet potentially sell them above market value), or something along those lines, potentially more illegal in the view of the federal government (drugs, weapons, etc.). Either way, if they notice you're using astronomical amounts of cash that go way above and beyond your assets/income, they could shut you down, for obvious reasons.

Otherwise, if you have been honest from the get-go, you have nothing to worry about. If you make +$1 million a year, $10,000 worth of cash payments won't seem like a big deal, since that's only = or < 10% of your annual income.

[Wolf3]

Large cash deposits in banks ($10K up) get reported to Feds.   It is all about catching money laundering.  

Although it seems silly to me, since the big banks like HSBC and Wachovia and others have been caught laundering money in big money quantities.

[09Lexie]

---

@Wolf3 wrote:

Large cash deposits in banks ($10K up) get reported to Feds.   It is all about catching money laundering.  

Although it seems silly to me, since the big banks like HSBC and Wachovia and others have been caught laundering money in big money quantities.

---

Yeah,  banks but a department store?  

[FinStar]

---

@09Lexie wrote:

---

@Wolf3 wrote:

Large cash deposits in banks ($10K up) get reported to Feds.   It is all about catching money laundering.  

Although it seems silly to me, since the big banks like HSBC and Wachovia and others have been caught laundering money in big money quantities.

---

Yeah,  banks but a department store?  

---

All retail credit card underwriting is performed by a chartered banking entity or a private label financial services subsidiary.  Nordstrom cards are issued by Nordstrom fsb, d/b/a Nordstrom Bank, a wholly owned subsidiary of Nordstom, Inc.

[Creditaddict]

I mean I guess you can find a little of everything in terms if you really read and I know we have worlds dummiest criminal shows but are people abusing CASH in some form or another really making all the charges on a store credit card let alone any credit card to turn around and pay LARGE amounts on to those credit cards.... Doesn't that defeat the purpose of using large amounds of cash under the table and to stay unnoticed!