Screwed up with Amex

[Remedios]

So basically, you pick up the tab, you get rewards, your friends pay you 

They call it Send and Split, but those two are separate. Split is described above. 

Send, that's where it gets tricky. Bottom line, that's for small P2P transactions, it's not for large amounts unless you want Amex looking and trying to figure out if you're about to bail on them or "wasn't me" after sending large amounts of money. 

[ThomasJNewton]

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@Remedios wrote:Now if you send money to a burner PayPal account that may or may not be yours and gain access to large sum of cash that way, then claim it wasn't even you ..but, enough about that 

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Obviously it was not me. How could you think that Tom K Newton could be connected to me at all? :-)

I remember my dad had a CostCo AmEx attached to his Synagogue's CostCo membership, but it was a personal responsibility account (I am pretty sure it showed up on his credit reports). Google had just started Google Checkout (not that long before like many Google Products, the cancelled it) and were offering some free processing for non-profits and some bonus based on hitting some thresholds. It was about the time he made his annual contribution to the synagogue, so he did it through the Google Checkout page. (I do not remember if it was with his CostCo AmEx or his Platinum card.) Needless to say, it set off flags and AmEx did a Financial Review. Everything was fine, once it became clear that both of his cards were personal responsiblity cards and that the treasurer and president of the synagogue explained that he did not have signing authority on its bank account (and in fact, he never even asked to be reimbursed on the purchases he made for their events at CostCo, but considered them donations).

It never occured to him that this would be an issue at all. They did hit the thresholds to get their bonuses (mostly from other people), but it was a hassle for him. 

[7774x]

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@ptatohed wrote:

Personally, I don't see anything wrong with the OP doing what PayPal (and AmEx?) allowed the OP to do.  He paid his dues by paying the 2.9% + $0.30 fee to send money via 'Friends and Family' using credit card (ouch).  If AmEx doesn't like it, then don't allow it.  Why wasn't the transaction stopped by AmEx if they don't like it?  Heck, AOD has no problem stopping my purchases of gift cards at Card Cash.  OP immediately paid his balance in full when requested by AmEx.  He gave a prompt and honest answer as to why he did what he did.  At absolute worse, AmEx should have imposed a cash advance fee and been done with it.   

But, wait, $10,000 for a watch?  :-O  I wear a $30 digital Casio watch, should I be re-thinking what goes on my wrist? 

 Is is spelled money   laundering

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[Anonymous]

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@7774x wrote:

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 Is is spelled money   laundering

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ML will probably use amounts slightly less than $10K (to evade reporting requirements, hence structuring) and there should be lots of such transactions.   You don't need to launder $10K, trust me on this.  LTL Bank's "Clean Honest Money, Really" (C) service requires a min of $1.5M

[ThomasJNewton]

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@Anonymous wrote:ML will probably use amounts slightly less than $10K (to evade reporting requirements, hence structuring) and there should be lots of such transactions.   You don't need to launder $10K, trust me on this.  LTL Bank's "Clean Honest Money, Really" (C) service requires a min of $1.5M

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No! No! No!

It is not ©, it is ℠, as it is a Service, not a work of fiction. :-)

[Anonymous]

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@ThomasJNewton wrote:

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@Anonymous wrote:ML will probably use amounts slightly less than $10K (to evade reporting requirements, hence structuring) and there should be lots of such transactions.   You don't need to launder $10K, trust me on this.  LTL Bank's "Clean Honest Money, Really" (C) service requires a min of $1.5M

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No! No! No!

It is not ©, it is ℠, as it is a Service, not a work of fiction. :-)

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True.  Actually, as soon as I posted, I realized and  planned to edit that, but then my cat demanded food and that beats even MyFico correctness.

[Remedios]

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@Anonymous wrote:

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@7774x wrote:

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 Is is spelled money   laundering

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ML will probably use amounts slightly less than $10K (to evade reporting requirements, hence structuring) and there should be lots of such transactions.   You don't need to launder $10K, trust me on this.  LTL Bank's "Clean Honest Money, Really" (C) service requires a min of $1.5M

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I don't know if I should move this to Business Credit or Personal Finance before telling you soliciting is not permitted 

[Anonymous]

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@Remedios wrote:

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@Anonymous wrote:

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@7774x wrote:

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 Is is spelled money   laundering

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ML will probably use amounts slightly less than $10K (to evade reporting requirements, hence structuring) and there should be lots of such transactions.   You don't need to launder $10K, trust me on this.  LTL Bank's "Clean Honest Money, Really" (C) service requires a min of $1.5M

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I don't know if I should move this to Business Credit or Personal Finance before telling you soliciting is not permitted 

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Not soliciting, purely out there for information.   That said, the first three "businesses" to sign up are eligible for....

[ThomasJNewton]

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@Remedios wrote:

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I don't know if I should move this to Business Credit or Personal Finance before telling you soliciting is not permitted 

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I would assume that solicitaion is always prohibited unless one is in Nevada outside the Las Vegas City Limits!

(And so it degenerates even further....) :-)

[7774x]

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@Anonymous wrote:

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@7774x wrote:

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 Is is spelled money   laundering

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ML will probably use amounts slightly less than $10K (to evade reporting requirements, hence structuring) and there should be lots of such transactions.   You don't need to launder $10K, trust me on this.  LTL Bank's "Clean Honest Money, Really" (C) service requires a min of $1.5M

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Amex's actions showed their concerns about money laundering when they  cut card limits..Needless to say ..OP is on a short leash.for any  future violations.