Where do you keep your bankroll?

[toastblows]

I can't help but think of the opening scene from Rounders, where Matt Damon's character starts pulling wads of bills out of every hidey-place in his apartment. =)

Any time I was to use it, I'd have to plan a week in advance. But really, I've never gone to a casino on less than a week's notice before. So to have $10000 gain $17 a month (4% / 12, not factoring in compounding) isn't all that bad.

I love that scene...I always wonder if the day i finally made it to 30K cash on hand....and i started stashing it in my house...if that would be the day it burned down...or got hit by a tornado...:laugh:


If you have a good stock broker house, they can usually get you funds within 3 business days provided your trading transactions have settled and you have cash on hand in the account.

You are talking $17 a month gain on $10K in a savings account. If you are researching investments, watching trends, markets, etc, you can make a HELL of lot more than that investing $10K. In the last 5 years the average mutual fund has to be 15-20% easy, and thats almost no brainer investing if you look back at the last 5 years. If you need to withdrawl your whole BR each time you hit a casino, or you go every week, then this isnt optimal, otherwise if you have infrequent trips and need only a portion of your BR, check into higher risk investments.

 

[ChefJJ]

You are talking $17 a month gain on $10K in a savings account. If you are researching investments, watching trends, markets, etc, you can make a HELL of lot more than that investing $10K. In the last 5 years the average mutual fund has to be 15-20% easy, and thats almost no brainer investing if you look back at the last 5 years. If you need to withdrawl your whole BR each time you hit a casino, or you go every week, then this isnt optimal, otherwise if you have infrequent trips and need only a portion of your BR, check into higher risk investments.

Just curious since I don't day trade or do too many short-term investments, but...

What kind of penalties would you incur by liquidating part of the BR throughout time? Transaction fees? Cap gains taxes?

 

[toastblows]

Just curious since I don't day trade or do too many short-term investments, but...

What kind of penalties would you incur by liquidating part of the BR throughout time? Transaction fees? Cap gains taxes?

Fees and taxes are different.

Fees:

Cash transfer via ABA rounting from Checking Account to Stock Account: $0

Buying/Selling stock or mutual funds: depends on price and brokerage transaction fee. Example, buying 1000 shares of 5$ stock fee would be $7 to $12 at most online brokers, Scottrade, Ameritrade etc (this is for each transaction, $7 to buy, $7 to sell).

Requesting cash from Stock Account: $0/mail check, $X? for wire transfer.

(I will say this is basic...take cash in account, buy stock, sell stock, wait 3 day settling period, get cash back into account example...it can get complicated but you need not invest other than by straight cash if you want to stay basic)

Taxes:

Depends on Gain or Loss, and length of time held. Short term gains (held less than 1 year and sold) are taxed at your income tax rate....and Long term (held more than 1 year before selling) are taxed at a lower rate depending on your tax bracket (between 5-15% or something if i recall)

 

[beat320]

I have a seperate savings acct for my bankroll much like ER, except its linked on the same atm card as my checking acct as well as internet banking so its super easy to transfer funds back and forth etc, as well as keep a good track of what goes where

-also in AC i have a $50,000 line of credit so I'll usually end up asking $10,000 in markers each time I head down there-


(everything in between the - - is a joke by the way :grin: )

 

[moo321]

Bank deposit boxes are good. Much less likely to get an audit.

 

[Paradox]

In Play!

50% = money market @ 5%

While playing-
15% = on my body
35% = hidden in-cash, available within 60-minutes.

While resting-
50% = Hidden near home, in a secret and secure location.

Cheers,
Paradox

 

[EasyRhino]

Since my first post, my bankroll and betting levels have grown substantially, and the challenges of deploying money for a casino trip have become different.

1) The local suburban bank branch is unlikely to even have $10k on hand for a zero-notice cash withdrawal, even if I wanted to bother with a CTR (fortunately, I don't need that much yet).
2) A $2000 limit on ATM withdrawals can evaporate really quickly.
3) A $10k deposit is not out of the question if I were to have a big winning trip, and we're back in CTR land again

However, I still don't like carrying around cash like a drug dealer, nor do I like the idea of stuffing cash under the mattress. But I'm starting to see their appeal. Casino credit lines also begin to look more appealing.

One minor tactic I can do is juggle ATM cards to be able to swing about $6000 in ATM withdrawals on short notice, if I really needed to.

(Of course, it currently feels like I'm taking another approach to the problem, which is to have a run of tremendous losses, thus eliminating the "larger bankroll" problem)

 

[glovesetc]

airports and $45,000.00 on 60 minutes

A few years ago a black man who owned a landscaping company was at the memphis airport . He bought a ticket and paid cash - first mistake - and then going through security he was given the search from hell . he had $45,000.00 on him that he had just WITHDRAWN THAT MORNING IN CASH , and had it on him . It was confiscated and he had to hire an attorney to get it back . He was going to georgia to buy landscape materials , was 50 some years old and conservatively dressed in a suit . The supplier in Georgia would not take his check and said cash or certified funds . Obviously he was not brilliant in banking ways so he just took cash . Making the story short - he lost his business , did not get the supplies, and laid off 5 landscapers when he went under . :grin: :cool2:

 

[toastblows]

If you need cash on hand frequently then obviously investing in things other than money markets/savings isnt going to work. The idea of a safe deposit box is good if you are moving large amounts of cash frequently (and have the luxury of being free during bank lobby hours :laugh. I do not frequent casinos as much these days, and only need larger BR's for trips to vegas.so if you are like me and leaving your BR in the system most of the time, 4% accounts are something you dont have to settle for

FYI: Home owners insurance will not cover large amounts of cash if stolen/lost in fire/tornado/king kong attack unless you are paying for it specifically. I think my policy covers $400 max cash on hand in house...so i tend to leave that or less in my actual "matress" account.

 

[Automatic Monkey]

Since my first post, my bankroll and betting levels have grown substantially, and the challenges of deploying money for a casino trip have become different.

1) The local suburban bank branch is unlikely to even have $10k on hand for a zero-notice cash withdrawal, even if I wanted to bother with a CTR (fortunately, I don't need that much yet).
2) A $2000 limit on ATM withdrawals can evaporate really quickly.
3) A $10k deposit is not out of the question if I were to have a big winning trip, and we're back in CTR land again

However, I still don't like carrying around cash like a drug dealer, nor do I like the idea of stuffing cash under the mattress. But I'm starting to see their appeal. Casino credit lines also begin to look more appealing.

One minor tactic I can do is juggle ATM cards to be able to swing about $6000 in ATM withdrawals on short notice, if I really needed to.

(Of course, it currently feels like I'm taking another approach to the problem, which is to have a run of tremendous losses, thus eliminating the "larger bankroll" problem)

Being you don't go on missions every day, can't you just stagger your withdrawals and deposits? $5K today and $5K tomorrow? That's what I do. You may also want to try my Bank of America solution because they have branches at home and you're never more than a few blocks away from one in LV or Reno. It eliminates the problem of traveling on highways and airplanes with large sums.

 

[EasyRhino]

Yeah, I'm not worried at all about making deposits. I'd love for that to be a problem.

The withdrawals are an issue just because they require extra planning and shoe leather costs in making them happen, it's just a hassle, and I'm lazy. Things were much simpler when my ATM limit was twice my bankroll!

 

[aslan]

Yeah, I'm not worried at all about making deposits. I'd love for that to be a problem.

The withdrawals are an issue just because they require extra planning and shoe leather costs in making them happen, it's just a hassle, and I'm lazy. Things were much simpler when my ATM limit was twice my bankroll!

A poker player told me his buddy got the bank to increase his ATM withdrawal to $10,000.00. That would sure solve any problems I might have. I wonder if that was only one particular bank, or if any bank might offer this service upon request? Anyone have any knowledge in this department?

 

[aslan]

Come to think of it, how in the world could you get $10,000.00 out of an ATM, even if it could hold it, it would be all in twenties!

 

[ColorMeUp]

Come to think of it, how in the world could you get $10,000.00 out of an ATM, even if it could hold it, it would be all in twenties!

I think you'd be surprised how much money is in ATM machines. Besides, don't some ATM's in casinos give bigger bills? I've only used an ATM in a casino once, and it dispensed $50 bills......

 

[aslan]

I think you'd be surprised how much money is in ATM machines. Besides, don't some ATM's in casinos give bigger bills? I've only used an ATM in a casino once, and it dispensed $50 bills......

That's probably correct. I was thinking of the typical ATM, not the ones in casinos.

 

[EasyRhino]

Most casino ATMs tend to dispense $100s.

 

[beat320]

I still think that $10,000 in $100's would be crazy in an ATM! people might look at you funny

 

[bj bob]

On second thought

A poker player told me his buddy got the bank to increase his ATM withdrawal to $10,000.00. That would sure solve any problems I might have. I wonder if that was only one particular bank, or if any bank might offer this service upon request? Anyone have any knowledge in this department?

Wouldn't a $10K ATM withdrawl, in and of itself, trigger a CTR?

 

[moo321]

Will a casino cash a check for 5k? Assuming they can verify with Central Credit that it's good?

 

[EasyRhino]

Wouldn't a $10K ATM withdrawl, in and of itself, trigger a CTR?

$10,000.01