... | Bitcointalksearch.org

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: omio on May 10, 2014, 06:32:12 AM

Wouldn't they catch on to the 10+ cards if they are all in your name?

They certainly could although the cards are run by different companies and it is not known how much info they share. The reality is none of the companies want to do any of this, they have to and unless the government is mandating they share info so catch multi-card users they probably aren't.

omio

newbie

Activity: 46

Merit: 0

Wouldn't they catch on to the 10+ cards if they are all in your name?

WhatsBitcoin

hero member

Activity: 560

Merit: 502

Look up the debit cards accepting Moneypak, I have 10+ cards currently. Load one $400-$500 a week to each.

notserp

legendary

Activity: 2240

Merit: 1001

maybe redeemed to much gdmps from different area codes?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: ?? on ??

Quote from: DeathAndTaxes on May 08, 2014, 09:26:05 PM

PayPal doesn't own MoneyPak. You don't honestly think Greendot wants to turn customers away do you? Hell they would love for you to buy 100 reloads @ $5 in profit per day, everyday for the rest of your life. They do it because the government requires them to limit transaction volume to be compliant w/ AML limits. Shutting you down doesn't make them any money, what would possibly make you think they like not making money? They comply or they lose their money transmitter license potentially forever. That would essentially bankrupt the company. Thank FinCEN and your Congressman for fighting the war on nouns.

Sorry, I thought paypal bought out green dot cause the first time I used one someone told me that. Looks like that is indeed untrue.

I didn't exceed their limits, which was 4 per day or 7 per week, so I still think it's absurd they shut me down with no notice.

Hopefully this doesn't happen to me with vanilla reload, or i'd be up a river. I've loaded many more vanillas than moneypaks with no problem though.

FinCEN obligates companies selling prepaid cards to limit sales to no more than $500 per day per customer and create an AML program designed to detect and prevent transfer of value between third parties. Let me guess the four you loaded in one day were all purchased on the same day by multiple people in multiple states? They might be willing to bend FinCEN rules a little but at some point it becomes so obvious they are going to pull the plug. Vanilla and all the others will shut you down eventually if you are doing the same thing.

They probably have filed a SAR to FinCEN as they are required to file reports on patterns of activity would be considered suspicious. The law prohibits them from even confirming or denying if they have filed a SAR.

UpcomingTruth

member

Activity: 105

Merit: 10

Could it be because the MoneyPaks you redeem get reported stolen afterwarsa? ?

UpcomingTruth

member

Activity: 105

Merit: 10

What about Rapid Reload for NetSpend? Is there service decent?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

PayPal doesn't own MoneyPak. You don't honestly think Greendot wants to turn customers away do you? Hell they would love for you to buy 100 reloads @ $5 in profit per day, everyday for the rest of your life. They do it because the government requires them to limit transaction volume to be compliant w/ AML limits. Shutting you down doesn't make them any money, what would possibly make you think they like not making money? They comply or they lose their money transmitter license potentially forever. That would essentially bankrupt the company. Thank FinCEN and your Congressman for fighting the war on nouns.

turtlehurricane

full member

Activity: 197

Merit: 100

...

Topic: ... (Read 1623 times)