runaroundsue
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posted on September 20, 2000 05:50:35 PM
Hi to all of you sellers north of the border:
A friend of mine just alerted me to an article in the Toronto Star today regarding US postal money orders, and money laundering across the border. Looks like Canadian banks have or will be clamping down on accepting the green domestic postal money orders, and only the international ones will be able to get cashed up here. I've had no problem accepting them before.
Don't know how to do a link, but the site is www.torontostar.com, and the article is under the business section for tday.
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pab53
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posted on September 20, 2000 06:08:25 PM
Thanks for the 'heads up'! I've been putting it right in my TOS that my bank accepts the green US m/o's. Phooey!
Pat
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TheWingLover
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posted on September 20, 2000 06:10:58 PM
In the past, I've only had about a 50% success rate taking the green ones. I've never got my bank to take one, but some post offices will take them, and some Money Marts will take them.
Well, now I guess it'll be a 0% success rate.
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cdnbooks
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posted on September 20, 2000 06:13:48 PM
Looks like reddeer has been cashing so many greens that the US post office thinks that he is laundering money.
Bill
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lewin2000
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posted on September 20, 2000 06:17:48 PM
The piece you are looking for can be found at
http://www.thestar.com/thestar/editorial/money/20000920BUS01_FI-POSTAL.html
It doesn't seem as if they will be doing anything about it until at least January 2001, so you may be safe until then.
Both the writer and the USPS are making dangerous assumptions, to the point that there is actually not much of a story here. The tone implies that all green USPS money order sent outside of the US are for money laundering purposes only.
[ edited by lewin2000 on Sep 20, 2000 06:18 PM ]
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runaroundsue
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posted on September 20, 2000 06:18:39 PM
cdnbooks
Bill, I can just see the RCMP wading through all our transactions to see if they are drug related. There's a definite pipeline going directly to reddeer's address
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cimfra
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posted on September 20, 2000 06:20:34 PM
http://www.torontostar.com/thestar/editorial/money/20000920BUS01_FI-POSTAL.html
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cdnbooks
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posted on September 20, 2000 06:23:17 PM
Sue, damn that reddeer, spoiling it for the rest of us.
Bill
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runaroundsue
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posted on September 20, 2000 06:25:19 PM
I don't think he's home tonight Bill...must be out doing his laundry.
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cdnbooks
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posted on September 20, 2000 06:35:56 PM
Sue
ROFL
Bill
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reddeer
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posted on September 20, 2000 07:19:46 PM
Hardee Har Har.
Very interesting reading, thanks for the heads up runaround.
Maybe I'm just in need of some sleep, but.......
"The money orders are sold in denominations of up to $700 each and can be purchased
without identification to a maximum of $3,000 at any one time.
That, and the fact that they cost just 80 cents to purchase, makes them a favoured
method for converting or laundering cash from drug deals or other criminal activity for deposit into bank accounts, from which the money can be funnelled into more
legitimate pursuits."
......................................
And what would change if those same criminals purchased International USPS MO's at $3.00 a pop? Other than the fact that the USPS would be making 3 times as much as they are now?
Am I missing something?
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Wedgewood
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posted on September 20, 2000 07:24:03 PM
I haven't had many problems since I opened a US bank account in my Canadian bank. (Bank of Montreal) It makes it easy for depositing cheques and saves the buyer the hassle of getting a money order.
Also, as mentioned in a previous post I think BidPay is a great bonus for Canadian sellers.
I think Postal Money orders are going the way of the dinosaurs, and this is just helping them on their way. A nuisance for Canadian sellers all the same!
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cdnbooks
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posted on September 20, 2000 07:31:22 PM
reddeer
I think that you have it about right.
Not only that but the amounts quoted in the article are really very small in context. Must be cheap drugs.
Bill
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krs
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posted on September 20, 2000 07:57:53 PM
Paltry amounts don't bother Reddeer. He works for food; prefers macaroni.
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macandjan
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posted on September 20, 2000 08:15:06 PM
If I had $200,000 in small bills from drug buys this would not be terribly attractive to me. How many can you stand there and buy with 20's and 10's before a grouchy postal clerk rips your glock out of your waist band and leaves it somewhere that it must be surgically removed?
Better to mess with the boys on the corner
than a postal clerk who has had her boss on her case all day long.
[ edited by macandjan on Sep 20, 2000 08:17 PM ]
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reddeer
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posted on September 20, 2000 09:20:34 PM
Ken ..... You forgot, & cheese.
Wedgewood ...... Having a US account doesn't make any difference. I don't have a U.S. account & I can cash/deposit pretty much anything anyone in the world sends to me, including Domestic USPS MO's. U.S. checks are deposited by the scores weekly, and always have been. I also do my banking at the BOM.
As far as Postal MO's go, many of my customers prefer to send them. The only reason I can think of his that they must feel they have better protection against mail fraud?
IMO that entire article is asinine, and is simply an excuse to force US citizens to spend an extra $2 when buying an MO to send to Canadians.
Everybody wants a piece of the online pie these days.
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cdnbooks
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posted on September 21, 2000 07:08:04 AM
The article is now at
http://www.thestar.com/thestar/back_issues/ED20000920/money/20000920BUS01_FI-POSTAL.html
Bill
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