My friend is 17 years old. He decided to deposit 30 dollars on a poker site via a visa-gift-card. He got it to $2,400. He lives where you have to be 18 to legally gamble online. My friend knows that the site will send a check to him and they don’t verify how old you are. So my friend is ready to cash out. He also belongs to bankofamerica. So, my question is… If he were to take a $2,400 check to bankofamerica to deposit into his account. Would they accept it? Would they say you are too young? If this is so he could wait till he is 18, but he wants the money asap. What should he do? Any other information about what he could expect in any case with bankofamerica would be great as well. e.p. tax writoffs, questions that could be asked by the bank. ect ect. Please help, thanks
A 17 Yr Old Gambling Friend Of Mine Plays Poker Online And Wants To Know Regulations For Cashing A Check.?
Written by Make Money Online on July 14th, 2009 in Monetize Site
Well,
Most likely the check will be in his name and then signed by the person in charge of cutting checks. Most likely there would not be any indication that the check came from a gambling oriented internet site other than a company name. In other words its not going to say “2400 dollars for poker” in the memo section. They would not be aware that it is against the TOS of the casino for minors to play. If anyone asks say its a paycheck.
2400 dollars is quite a large chunk of change but in terms of taxes its not the banks job to check to see that you are recording your taxes properly. In addition if hes not 18 and does not hold a job he most likely doesn’t file forms for the IRS. The only case where a bank might notify someone is if you were depositing thousands of dollars that happen to be in used hundreds, inside briefcases.
My advice, say its a summers paycheck for a company you work for.
My two weeks paychecks were around 800 or 900 dollars and no one batts an eye.
Your only other option is to withdraw it in smaller increments from the web site.
good luck
Deposit The Check,It Will Be OK
You can easily cash a check at any age. No need to be 18. However, the gambling online isn’t allowed FO SHO.