Any Money Gurus out there?

[85Sooner]

Here is a hypothetical question.

Lets say you recieve a debit card with a balance of 20,000.00 on it.

You cannot get cash from the card. you can only use it like a visa/ mastercard.

Now the catch, The card has an expiration date that is fairly soon. If the money is not used by that date the money is gone!


Don't need a car, don't need a boat! Is there anyway this can be converted legally without just having to blow it on stuff that is not needed?

Anyone got an opinion. scratch that. a useful opinion.:pop:

[Ike]

easy.

a)set yourself up a paypal account that will accept donations linked to your bank account.
b)make a 'donation' of $20,000 to your paypal account with the debit card.
c)transfer the 20 grand to your bank account.


but maybe do all of that in 4 easy payments of 5,000 instead of 1 payment of 20,000 :)

[Boomer.....]

You could become a SoonerFans sponsor and keep this site up for years. :)

[Vaevictis]

You might consider buying gold or diamonds, people often use those as value stores. This assumes you can find someone willing to sell to you at a minimal mark up.

This also works for other commodities with relatively stable prices.

Maybe go to your grocery store; don't they sell Visa gift cards? Buy $20k in gift cards at $100 increments? :D

[Tear Down This Wall]

Save more than you spend.

[Vaevictis]

The problem with Paypal is that they're going to want to charge 2-5%.

[jacru]

if not the paypal option, then buy something you can easily sell.

How did this "hypothetical" thought enter your head?

[Hamhock]

if i give you an answer, would i be helping you break the law?

[Ike]

The problem with Paypal is that they're going to want to charge 2-5%.

true. But considering that it is probably the fastest way to get the money directly into your bank account, it may be worth it. Not to mention that it saves you the trouble of locating a buyer and a seller of some commodity.

[TheHumanAlphabet]

Couldn't you buy a CD or some other convertable investment with the account?

[Vaevictis]

Yeah, but $400-$1000 is pretty steep.

[TheUnnamedSooner]

Couldn't you buy a CD or some other convertable investment with the account?

No, you can't buy a CD with a credit card, unless you do a cash advance, which in this "hypothetical" situation is out of the question.

[sooneron]

Etrade account.


nm

[Rogue]

Sallie Mae'd take it off your hands as a large student loan payment for Rogue. You're welcome.

Here's my real thought though: 2 words...savings bonds.

Another good idea might be to join a fee-free online investing site and buy $20k worth of govt. insured bonds.

[Rogue]

I was just reading the thread titles on the SO and wondering what made me click on this in the first place? And then, what made me feel compelled to comment with free advice?

I should tell you...I'm poor. You probably didn't mean me when you said "money gurus".

[OzarkSooner]

How about just buying some gold coins, then turning around and selling them back???

[Rogue]

Are you writing a sceenplay for a bad "B" movie?

[GottaHavePride]

How about just buying some gold coins, then turning around and selling them back???

Sounds like a downright piratical scheme.


Yarrr. This be my booty.

[OzarkSooner]

Sounds like a downright piratical scheme.


Yarrr. This be my booty.


Oh yeah, thanks for reminding me....I forgot to add

Aaaaaaaaaarrrgggggghhhh, Matey!!!

;)

[85Sooner]

You have given some great Ideas. Thanks The amount is the hypothetical part. Now adays some companies pay by putting money on credit cards. something seems strange about their ability to have it forfeited though.

Does E trade really take credit cards?

[Hamhock]

you've stolen someone's debit card.

haven't you?


do the right thing and give it back.

[colleyvillesooner]

Buy an expensive TV at Wal-Mart. Return it. Keep the cash.

Would that work.

[Vaevictis]

Buy an expensive TV at Wal-Mart. Return it. Keep the cash.

Would that work.

IIRC, Walmart will usually insist on either refunding the account, or issuing a store gift card.

[noleamite]

E-Trade , Forex , or Gold definitely the way to go. I think E-trade has a 5.05% intrest rate on there savings accounts.

[Hamhock]

E-Trade , Forex , or Gold definitely the way to go. I think E-trade has a 5.05% intrest rate on there savings accounts.


HSBC is giving 6% on new money.

But, can you load one of those accounts with a debit card? i think that is the question. i can't imagine e-trade is willing to pay the merchant charge on a credit card.

by forex, are you suggesting he should do foreign currency exchange?

[mdklatt]

This thread seems very...illegal.

[Vaevictis]

C'mon, what's a little money laundering between Sooners?

[noleamite]

HSBC is giving 6% on new money.

But, can you load one of those accounts with a debit card? i think that is the question. i can't imagine e-trade is willing to pay the merchant charge on a credit card.

by forex, are you suggesting he should do foreign currency exchange?

I am not sure about funding an investment account online with a debit card. But if the card has a Visa or Master Card logo you can create an online account with Bank of America. Assuming that the debit card is legal and above board. :D

Bank of America E-account
What You Need to Apply:




Phone number
Email address
Online Banking ID and Passcode
Social Security numbers
Home address
Credit card or bank account number for funding your new account (you can also fund your account after your account is open)
Current email address

[Frozen Sooner]

If the card has a Visa or Mastercard logo, you can just trot down to your local credit union and cash advance it.

[85Sooner]

If the card has a Visa or Mastercard logo, you can just trot down to your local credit union and cash advance it.


Nope, can't do that. It is a program card. Can't use it at walmart either.

[noleamite]

Program Card????

[85Sooner]

Program Card????


I guess there are certain vendors ie: walmart that can opt out of acceptin them. It is a mastercard that says debit on it . According to the distributor of the card you cannot use it for cash. Alot of sales jobs out there are now paying on card instead of checks. Don't know all the legals but that is whats going on.

[OUinFLA]

Here is a hypothetical question.

Lets say you recieve a debit card with a balance of 20,000.00 on it.

You cannot get cash from the card. you can only use it like a visa/ mastercard.

Now the catch, The card has an expiration date that is fairly soon. If the money is not used by that date the money is gone!


Don't need a car, don't need a boat! Is there anyway this can be converted legally without just having to blow it on stuff that is not needed?

Anyone got an opinion. scratch that. a useful opinion.:pop:

You're out of your mind !

[85Sooner]

You're out of your mind !


I would love one but with a 1 and 4 yr old, I wouldn't be able to justify it. unfortunately!!!!!!!!!!!!!!!!!!!!!

[walkoffsooner]

Go to Vegas buy chips, cash them in a few at a time.

[Rogue]

Sounds like some way to not have to pay a person all you owe 'em.

[olevetonahill]

Send it to me Ill cash you out !