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Don't Pay Down Your Debt!

headscratcher4

Philosopher
headscratcher4
Joined
Apr 14, 2002
Messages
7,776
http://www.shns.com/shns/g_index2.cfm?action=detail&pk=RAISEALARM-02-28-06

This can't be good for a free society. Rhode Island couple sent a big check in to pay off their credit card debt. Told that it would take a while to clear becase the Dept. of Homeland Security had to be notified because of the size of the transaction.

Gee, I feel a whole lot better about national security now. I mean, clearly if Bin Ladin attempts to pay off his Penny's card, we'll have him nailed.
 
It's a good thing we're making the "patriot" act permanent. We have to keep tabs on these "potential" terrorists with deep pockets. At least deep enough to pay off a JC Penny credit bill.

Dang I feel safer already.

Although, I guess I'm on the Homeland Security checklist now. I just paid over $10k for an medical operation via a single personal check.

Charlie (who's that banging on my door?) Monoxide
 
headscratcher4 said:
http://www.shns.com/shns/g_index2.cfm?action=detail&pk=RAISEALARM-02-28-06

This can't be good for a free society. Rhode Island couple sent a big check in to pay off their credit card debt. Told that it would take a while to clear becase the Dept. of Homeland Security had to be notified because of the size of the transaction.

Gee, I feel a whole lot better about national security now. I mean, clearly if Bin Ladin attempts to pay off his Penny's card, we'll have him nailed.
Click to expand...

So are we believing JCPenny, then?
 
headscratcher4 said:
http://www.shns.com/shns/g_index2.cfm?action=detail&pk=RAISEALARM-02-28-06

This can't be good for a free society. Rhode Island couple sent a big check in to pay off their credit card debt. Told that it would take a while to clear becase the Dept. of Homeland Security had to be notified because of the size of the transaction.

Gee, I feel a whole lot better about national security now. I mean, clearly if Bin Ladin attempts to pay off his Penny's card, we'll have him nailed.
Click to expand...

I think it was a secret plot by Texans to establish a Texan colony in Rhode Island. I'm glad Homeland Security is on top of such plots. I might have to paddle into farther north to get away from the invasion.
 
aerocontrols said:
So are we believing JCPenny, then?
Click to expand...
Something doesn't sound right. I've written checks that big, well in excess of prior payments, and it's happened without a hitch. Heck, it was recently bonus season -- I bet every banker on Wall Street made a big payment on a credit card he had been paying the minimum on for the previous 11 months.
 
Obviously an attempt to deter people from paying off their credit cards so they can carry on charging interest on the debt...
 
Mojo said:
Obviously an attempt to deter people from paying off their credit cards so they can carry on charging interest on the debt...
Click to expand...

More likely that JCPenny wants to pass the buck for accidentally delaying the guy's payment.


Of course, our reporter/columnist seems not to have talked to anybody but Walter Soehnge, so any number of things could actually be the truth.

No statement from the ACLU, no statement from JCPenny, no statement from DHS.

Just what Mr. Soehnge says someone at JCPenny told him. Excellent journalism.
 
aerocontrols said:
More likely that JCPenny wants to pass the buck for accidentally delaying the guy's payment.


Of course, our reporter/columnist seems not to have talked to anybody but Walter Soehnge, so any number of things could actually be the truth.

No statement from the ACLU, no statement from JCPenny, no statement from DHS.

Just what Mr. Soehnge says someone at JCPenny told him. Excellent journalism.
Click to expand...

I spit at your potentially logical explaination...I like my fear-based senario so much better!
 
manny said:
I bet every banker on Wall Street made a big payment on a credit card he had been paying the minimum on for the previous 11 months.
Click to expand...
Huh?

Wall Street bankers making minimum payments on their credit cards? At 20% interest and more?

That's like hearing about a cardiac surgeon planning to give up smoking.
 
BPSCG said:
Huh?

Wall Street bankers making minimum payments on their credit cards? At 20% interest and more?

That's like hearing about a cardiac surgeon planning to give up smoking.
Click to expand...

er...um...you didn't get it. zero-interest first year, but all past interest due on the first day after the year. I used to play that game too. The lender will do everything they can to prevent processing your payment until the day after the zero-interest term expires.
 
Rob Lister said:
er...um...you didn't get it. zero-interest first year, but all past interest due on the first day after the year. I used to play that game too. The lender will do everything they can to prevent processing your payment until the day after the zero-interest term expires.
Click to expand...
You're right, I didn't get it. Wasn't even aware it existed. Damn, how can Mrs. BPSCG and I get a card with those terms? We're stupid; we always pay off our entire balance every month. But If we could get an interest-free loan for eleven months every year, well, hell, we'd jump on that like Bill Clinton on a Sports Illustrated swimsuit model.
 
BPSCG said:
You're right, I didn't get it. Wasn't even aware it existed. Damn, how can Mrs. BPSCG and I get a card with those terms? We're stupid; we always pay off our entire balance every month. But If we could get an interest-free loan for eleven months every year, well, hell, we'd jump on that like Bill Clinton on a Sports Illustrated swimsuit model.
Click to expand...

Oh, you haven't discovered the joy of the Best Buy credit card. 18 months no interest = HDTV.
 
BPSCG said:
You're right, I didn't get it. Wasn't even aware it existed. Damn, how can Mrs. BPSCG and I get a card with those terms? We're stupid; we always pay off our entire balance every month. But If we could get an interest-free loan for eleven months every year, well, hell, we'd jump on that like Bill Clinton on a Sports Illustrated swimsuit model.
Click to expand...
Interest-free balance transfers.
 
BPSCG said:
You're right, I didn't get it. Wasn't even aware it existed. Damn, how can Mrs. BPSCG and I get a card with those terms? We're stupid; we always pay off our entire balance every month. But If we could get an interest-free loan for eleven months every year, well, hell, we'd jump on that like Bill Clinton on a Sports Illustrated swimsuit model.
Click to expand...
I do the same thing...I won't carry a balance on my card.

Christ, who can afford that? Visa isn't exactly my charity of choice.

Interest free loan for a year? Sounds dangerous....

*starts checking flights to Costa Rica*
 
For the record, it's really really hard -- a lot of time spent with fine print, etc. I don't bother. But for really big spenders, the kind of people to whom a $75 cap on the transferred balance fee is more like .2%, it can be worth it.
 
On the OP - which was a reference to the $10k mandatory reporting for anti-money laundering... There MAY be something to this.

I'm not sure personal cheques attract attention, however MANY financial transactions that exceed $10k DO have extra legal reporting requirements.

Any cash transaction (even in Vegas) involving $10k needs documentation. Likewise, carrying currency or negotiable documents (including a personal cheque made out to your name) exceeding $10k across MOST international borders requires documentation. Wire transfers incoming to your bank account over $10k need documentation. These aren't patriot act requirements, but are general anti-money laundering requirements. And - they can definitely be a pain in the butt.

First time I've heard of a cheque having this problem - and may be a scam in the case of this credit card - but there could be something there...

-AH.
 
What, nobody has ever heard of putting a hold on a large check to see if it clears? That's pretty common.

The details of this story are pretty sketchy and I don't think a reasonable person could say what happened with any degree of certainty as the reporter only got his information from the one guy, but a common credit card scam is to charge up a card to its limit, pay it off with a bad check, ask for a limit increase before the bad check comes back, then charge it up again. If you do this right, you can then return all the merchandise for cash.
 
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