How long does it take to cash in on a 401k if you are purchasing a home
How long does it take to cash in on a 401k if you are purchasing a home?
not a good move to make...but if you're going to do it it can take anywhere between 5 days to 3 weeks. You'll have to ask your HR person how long it takes your plan specifically.
Reply:More important, you are cashing in your retirement to purchase a home. You should be more concerned with the penalties you will have to take for drawing on this early, as well as the tax ramifications of doing so.
Reply:www.401k.org. Check your plan provisions.
Thursday, April 15, 2010
Can somebody explains the difference of cash flow and accounting profit?
Can somebody tells me the Difference of cash flow and accounting profit ?
Thank you.
Can somebody explains the difference of cash flow and accounting profit?
Cash flow is actual money.
Accounting profit is an imaginary number that can be moved around by changing inventory methods, accrual vs. cash, depreciation, etc.
.
Reply:If you are speaking in regards to business; Cash flow could be described as the total amount of funds available to operate your business. This could include funds provided through bank lending as well as sales or additional revenue created by service fees, operational fess etc...
Acounting profit would be the reported amount of "Profit" after calcualting your books against your sales and operational expenses. Once you have figured in all associated cost to a service or product, paid the overhead bills, insurances and such; the remainding revenue would be reported as profit.
buck teeth
Thank you.
Can somebody explains the difference of cash flow and accounting profit?
Cash flow is actual money.
Accounting profit is an imaginary number that can be moved around by changing inventory methods, accrual vs. cash, depreciation, etc.
.
Reply:If you are speaking in regards to business; Cash flow could be described as the total amount of funds available to operate your business. This could include funds provided through bank lending as well as sales or additional revenue created by service fees, operational fess etc...
Acounting profit would be the reported amount of "Profit" after calcualting your books against your sales and operational expenses. Once you have figured in all associated cost to a service or product, paid the overhead bills, insurances and such; the remainding revenue would be reported as profit.
buck teeth
How can I make some extra cash here and there?
I dont need any work at home scams. I am willing to put in a few hours and actually work. I need to make an extra 100 bucks or even 50 a week to have a little extra cash. I live in Jersey so please help !
How can I make some extra cash here and there?
1. WelI I actually take surveys for cash. And yes they do pay as long as you know the good ones. I have some free survey sites that are very reliable just check out my profile by clicking my name or email me for them. I only give sites that I've been paid by so you won't get scammed. They're all reliable and I've never had a problem with them. (I've been doing them for a year now) The best part is that anyone can do them and they're easy. You won't get rich but they definitely help with bills :)
2. Btw a lot of the ones above are spammers and I wouldn't trust them
Reply:go to your library and look for at home jobs even do medical transcriprts for doctors but you have to have a little training from a school which you can do at home you make pretty good money doing that or call your local college they might have leads on how you can get a home business on the side you might have to get a little training but hey in the end its worth it good luck
Reply:This is a really cool way to make some extra cash!
You’re probably not going to get rich beyond your wildest dreams, but it is possible to earn thousands of dollars a month doing this.
It is completely free and takes about a minute to set-up.
Once you’ve set it up and running, it makes you money on autopilot, doesn’t require any work or investment, so is completely risk free.
It’s by far the easiest way to make money I have ever come across!
Give it a try by - http://www.payday2006.com/FreeMoney.htm
Be sure to spread the word, tell all your friends, the more people that get involved, the more you will earn :)
Reply:The best source to make money very easy is called project-payday. I myself made over 1.5k$ in my first month using it.
I know people that make 3k there.
Also great is, that you don't have to invest much time in it, and still make money.
Check out: http://www.project-payday.info
Also check out this site to make money
http://www.paidforsurvey.has.it
How can I make some extra cash here and there?
1. WelI I actually take surveys for cash. And yes they do pay as long as you know the good ones. I have some free survey sites that are very reliable just check out my profile by clicking my name or email me for them. I only give sites that I've been paid by so you won't get scammed. They're all reliable and I've never had a problem with them. (I've been doing them for a year now) The best part is that anyone can do them and they're easy. You won't get rich but they definitely help with bills :)
2. Btw a lot of the ones above are spammers and I wouldn't trust them
Reply:go to your library and look for at home jobs even do medical transcriprts for doctors but you have to have a little training from a school which you can do at home you make pretty good money doing that or call your local college they might have leads on how you can get a home business on the side you might have to get a little training but hey in the end its worth it good luck
Reply:This is a really cool way to make some extra cash!
You’re probably not going to get rich beyond your wildest dreams, but it is possible to earn thousands of dollars a month doing this.
It is completely free and takes about a minute to set-up.
Once you’ve set it up and running, it makes you money on autopilot, doesn’t require any work or investment, so is completely risk free.
It’s by far the easiest way to make money I have ever come across!
Give it a try by - http://www.payday2006.com/FreeMoney.htm
Be sure to spread the word, tell all your friends, the more people that get involved, the more you will earn :)
Reply:The best source to make money very easy is called project-payday. I myself made over 1.5k$ in my first month using it.
I know people that make 3k there.
Also great is, that you don't have to invest much time in it, and still make money.
Check out: http://www.project-payday.info
Also check out this site to make money
http://www.paidforsurvey.has.it
How can i make some extra cash from home?
I've heard about all these ways you can make money from home and i've even tried it, but it dosent seem to be working the way it is for other people. for example i tried the whole online survey thing...signed up with lots of different websites....but i just dont see how people are making anywhere from 400-1,000 extra bucks a month with these website? Can someone please tell me more or less how it all works, and if there are some ligit sites out there that really allow you to make all that extra cash? Thank you!
How can i make some extra cash from home?
Well, the best way to make money from home is to sit down and identify what it is you're passionate about. Whether it be cooking, writing, sewing, giving advice, taking care of children, etc. Once you find your niche, then you can utilize tools such as the internet, or local advertising, to create a demand for your product or service. Examples include starting a daycare service, opening an eBay store that carries your favorite items, creating a blog from which you sell advertisments, beginning a cake baking and decorating business, displaying and selling your artwork.
I have friends that have been profitable from their homes in each of these ways. But, overall, the key to profitability from home is getting in touch with your niche interests and making them profitable.
Obviously, this is far from a get rich quick scheme. But, reality is that what you reap is what you sow. Might as well be sowing something you're passionate about.
Reply:I know the problem there are so many of these so called opportunities out there and so many, if they are not scams, fail to teach people how to be successful properly.
There is one however that has been endorsed by the billionaire Donald Trump for its ethics, honesty and integrity, he researched it for about 2 years before he recommended it as probably the best in the world today.
Take a look at this web site www.iolair.acnrep.com, here you will find an overview of what this is all about, also if you would like to explore the opportunity further click on my screen name and email me and I will be delighted to show you exactly how you can earn a substantial residual based income.
Reply:They are for the most part, scams. Don't even go to their sites, you'll end up with a ton of pop-ups.
Reply:Think about it. If all these sites were legit, who'd be poor? Most of these sites make money by suckering in dumb, naive, desperate souls, and then try to get you to do the same. Be smart and don't fall for it.
There are bona fide ways to make plenty of cash from home. Most involve work, perseverance and savvy. Research on your own, don't trust "testimonials" from sites. Think about your interests, assets, abilities and the amount of time you have available.
Reply:The truth is people don't make that much money from doing surveys and e mails. If it was that easy everybody would be doing it. Even the ones that do pay out are usually more money than they are worth.
Reply:you can sell stuffs on e-bay, or buy low and sell high(buy cheap stuffs in bulk and sell them piece by piece on ebay, profit = differnt) of course all get rich quick scheme are risky and require you put in a lot of money at the get go, so... good luck.
Reply:most of the surveys are a scam, thereare jobs u could have that will allow u to work at home, ebays always an alternative
Reply:try this http;//www.*************/index.php?ref=1 that,s a start.
Reply:phone sex operater. All talk no action!
Reply:Just go here to read about what they have to say. A few minutes, but it may just be right up your alley...
http://www.agloco.com/r/BBBQ0962
Reply:It's definitely possible to make some money through the internet.
There are many resources out there but I think this blog has a very good collection of ways to make money online.
http://www.doshdosh.com
Came across it some time ago and I'm still reading it daily.
Hope this helped.
Reply:I am having the same problem. Just so you know youre not alone.
Ive signed up with tons and have yet to see any money. I think it all a runaround. Let me know how it goes.
Reply:I have found several legitimate work at home sites so far, and one of them made me $494+ in October, $700+ in November, and $838.57 in December. They are free to join.
Please click my screen name or avatar for more information and a link for proof of payment and lots of specific details.
I made some nice money at first, but once I found out these sites were legitimate, I started adding referrals and the money got a lot better. For every person you refer, you get 20% of what they earn on 2 of these sites. And for every person that one of your referrals refer, you get 10% on one site and 5% on the other. In time--this could be a great source of income--making money while other people are in a sense, working for you.
If you get 5 referrals who earn $20 a month, that is an extra $20 in your pocket. If you get 100 referrals earning $20 a month, that is an extra $400 you'll earn every month!!!
And by the way--never join a work at home program that wants you to pay up front. If they were making that much money, they wouldn't need to charge you.
Note: There are a lot of other sites listed too as well as the payout for each. And if you sign up with me, I can send you a guide I have written that details everything I have done and lots of links, adding your sites to search engines, etc.
Reply:First off, no survey company can possibly give you 400 to 1000 a month. I have signed up for survey companies, and believe me it takes quite a while to build up money in order to be paid. In all the companies I've gone through, only two have really been worth the effort since they actually pay.
Mysurvey.com pays in increments of $10 for every 1000 points you earn on their site by completing surveys. Their surveys usually give you quite a few points, so getting money from them is pretty easy.
The other site I go to, Globaltestmarket.com pays in increments of $50 for every 1000 points. However, their point system is harder to earn. It normally takes me about two months to earn those $50 and usually another two weeks for it to arrive.
I have another survey site that's relatively good, but it doesn't pay straight out money, instead it gives you points for prizes, and I don't think that's what you're interested in.
But back to your question. Besides those two survey sites, I haven't found any other decent places. And chances are, you won't find any legit sites to make extra cash. Especially not in the amounts they tell you that you'll get. My best advice would be to do some chores that no one wants to do and charge them for it to get extra cash.
Hope that helped ^____^
Reply:http://www.*************/index.php?ref=1...
How can i make some extra cash from home?
Well, the best way to make money from home is to sit down and identify what it is you're passionate about. Whether it be cooking, writing, sewing, giving advice, taking care of children, etc. Once you find your niche, then you can utilize tools such as the internet, or local advertising, to create a demand for your product or service. Examples include starting a daycare service, opening an eBay store that carries your favorite items, creating a blog from which you sell advertisments, beginning a cake baking and decorating business, displaying and selling your artwork.
I have friends that have been profitable from their homes in each of these ways. But, overall, the key to profitability from home is getting in touch with your niche interests and making them profitable.
Obviously, this is far from a get rich quick scheme. But, reality is that what you reap is what you sow. Might as well be sowing something you're passionate about.
Reply:I know the problem there are so many of these so called opportunities out there and so many, if they are not scams, fail to teach people how to be successful properly.
There is one however that has been endorsed by the billionaire Donald Trump for its ethics, honesty and integrity, he researched it for about 2 years before he recommended it as probably the best in the world today.
Take a look at this web site www.iolair.acnrep.com, here you will find an overview of what this is all about, also if you would like to explore the opportunity further click on my screen name and email me and I will be delighted to show you exactly how you can earn a substantial residual based income.
Reply:They are for the most part, scams. Don't even go to their sites, you'll end up with a ton of pop-ups.
Reply:Think about it. If all these sites were legit, who'd be poor? Most of these sites make money by suckering in dumb, naive, desperate souls, and then try to get you to do the same. Be smart and don't fall for it.
There are bona fide ways to make plenty of cash from home. Most involve work, perseverance and savvy. Research on your own, don't trust "testimonials" from sites. Think about your interests, assets, abilities and the amount of time you have available.
Reply:The truth is people don't make that much money from doing surveys and e mails. If it was that easy everybody would be doing it. Even the ones that do pay out are usually more money than they are worth.
Reply:you can sell stuffs on e-bay, or buy low and sell high(buy cheap stuffs in bulk and sell them piece by piece on ebay, profit = differnt) of course all get rich quick scheme are risky and require you put in a lot of money at the get go, so... good luck.
Reply:most of the surveys are a scam, thereare jobs u could have that will allow u to work at home, ebays always an alternative
Reply:try this http;//www.*************/index.php?ref=1 that,s a start.
Reply:phone sex operater. All talk no action!
Reply:Just go here to read about what they have to say. A few minutes, but it may just be right up your alley...
http://www.agloco.com/r/BBBQ0962
Reply:It's definitely possible to make some money through the internet.
There are many resources out there but I think this blog has a very good collection of ways to make money online.
http://www.doshdosh.com
Came across it some time ago and I'm still reading it daily.
Hope this helped.
Reply:I am having the same problem. Just so you know youre not alone.
Ive signed up with tons and have yet to see any money. I think it all a runaround. Let me know how it goes.
Reply:I have found several legitimate work at home sites so far, and one of them made me $494+ in October, $700+ in November, and $838.57 in December. They are free to join.
Please click my screen name or avatar for more information and a link for proof of payment and lots of specific details.
I made some nice money at first, but once I found out these sites were legitimate, I started adding referrals and the money got a lot better. For every person you refer, you get 20% of what they earn on 2 of these sites. And for every person that one of your referrals refer, you get 10% on one site and 5% on the other. In time--this could be a great source of income--making money while other people are in a sense, working for you.
If you get 5 referrals who earn $20 a month, that is an extra $20 in your pocket. If you get 100 referrals earning $20 a month, that is an extra $400 you'll earn every month!!!
And by the way--never join a work at home program that wants you to pay up front. If they were making that much money, they wouldn't need to charge you.
Note: There are a lot of other sites listed too as well as the payout for each. And if you sign up with me, I can send you a guide I have written that details everything I have done and lots of links, adding your sites to search engines, etc.
Reply:First off, no survey company can possibly give you 400 to 1000 a month. I have signed up for survey companies, and believe me it takes quite a while to build up money in order to be paid. In all the companies I've gone through, only two have really been worth the effort since they actually pay.
Mysurvey.com pays in increments of $10 for every 1000 points you earn on their site by completing surveys. Their surveys usually give you quite a few points, so getting money from them is pretty easy.
The other site I go to, Globaltestmarket.com pays in increments of $50 for every 1000 points. However, their point system is harder to earn. It normally takes me about two months to earn those $50 and usually another two weeks for it to arrive.
I have another survey site that's relatively good, but it doesn't pay straight out money, instead it gives you points for prizes, and I don't think that's what you're interested in.
But back to your question. Besides those two survey sites, I haven't found any other decent places. And chances are, you won't find any legit sites to make extra cash. Especially not in the amounts they tell you that you'll get. My best advice would be to do some chores that no one wants to do and charge them for it to get extra cash.
Hope that helped ^____^
Reply:http://www.*************/index.php?ref=1...
What would be the best option for handling employee cash advances?
We have a set amount of a permanent cash advance we give to employees. Sometimes they go out on on site jobs that can last weeks, but we don't want them to carry huge amounts of cash to cover lodging, meals and other misc expenses or materials for job. I was interested in prepaid debit cards the I could reload and have control over the set amount for each employee. How and with what company could I do this with. What options also are available out there?
What would be the best option for handling employee cash advances?
Use visa cards in the business name. Have a monthly spending limit. Only give them to your supervisors if possible. Make sure each employee that recieves a credit card is trustworthy and signs a waiver if the card is used for personal reasons without expressed written authority of the management. If you cannot trust the people with the credit cards, they probably shouldn't be working for you anyway.
Reply:Define the parameters of lodging/meals - identify a base rate for lodging, meals, transportation, laundry services for week long trips.
Then pro-rate the amount for each day. A prepaid debit card can then be loaded with that amount. The employee spends it on whatever, when their expense allowance runs out, they pay out of pocket. So don't be too stingy on expenses.
I do not recommend a credit card type of system - you'll be on the hook when the employee defaults or misuses the card.
Reply:Just give them minimum wage.
Reply:How about a credit card with a set limit. I gave one to my daughter with $500 limit.
Reply:Try American Express. We used to give out AmEx gift cards as employee incentives. I'm not sure if the cards can be reloaded.
What would be the best option for handling employee cash advances?
Use visa cards in the business name. Have a monthly spending limit. Only give them to your supervisors if possible. Make sure each employee that recieves a credit card is trustworthy and signs a waiver if the card is used for personal reasons without expressed written authority of the management. If you cannot trust the people with the credit cards, they probably shouldn't be working for you anyway.
Reply:Define the parameters of lodging/meals - identify a base rate for lodging, meals, transportation, laundry services for week long trips.
Then pro-rate the amount for each day. A prepaid debit card can then be loaded with that amount. The employee spends it on whatever, when their expense allowance runs out, they pay out of pocket. So don't be too stingy on expenses.
I do not recommend a credit card type of system - you'll be on the hook when the employee defaults or misuses the card.
Reply:Just give them minimum wage.
Reply:How about a credit card with a set limit. I gave one to my daughter with $500 limit.
Reply:Try American Express. We used to give out AmEx gift cards as employee incentives. I'm not sure if the cards can be reloaded.
How long do you get to cash old cheques?
I have a cheque dated 22/06/2004 that got in with some old paperwork that I have just come across and would like to cash it.
How long do you get to cash old cheques?
Present it for payment and if it is not accepted then ask the drawer to endorse the date. If it's only for a small amount the bank will probably accept it.
_
Reply:Six months in India
Reply:1 year
Reply:i have always wonded about that as well, i'll ask my bank on monday if they arnt busy, just to make sure it is 6months, i have found up some cheques from 05 and the start of this year opps lol
Reply:In the U.S., there used to be a regulation that stated that a check was stale-dated after six months, and that it was up to the drawee bank's discretion if they wanted to pay it. I would deposit it, just in case...and if you have nothing against a 2-5 business day hold (in compliance with Regulation CC), I would put a hold on it as well, in case it does come back unpaid. However....the six months no longer applies, as of a couple months ago. That regulation was repealed. If you can contact the maker of the check, do so, to make sure there isn't a stop payment on it, and to make sure that the person has enough funds in their account to cover it, and that the account is still open. If not, try contacting the drawee bank to verify that the account is open. Then deposit it, preferably with a hold.
Reply:I thought it was three months - you're best checking with your bank.
They may require the cheque to be re-done.
Reply:Six months in the U.K. I recently found one that I had overlooked.
It was from an Exeter solicitor, I wrote to them enclosing photostats of all the paper work etc. and asked them to endorse it so that I could cash it. They refused. So I put it in a picture frame and it now hangs on the wall in my downstairs toilet. It is amazing how many visitors have said to me "Oh, if that is the sort of solicitors they are, I will never deal with them" The firm must surely have lost business because of it, it has become quite a talking point!!
If anyone thinking about using an Exeter solicitor wants to know their name contact me.
Reply:In UK cheques are usually valid for 6 months.
Get whoever wrote the cheque to write a new one.
Reply:I'm sure it is 3 months in England, why not ask the payer to rewrite another one.
Reply:Depends on your bank. Might want to check with them first.
Reply:If you are in the UK the limit is 6 months, I'm afraid.
Is there any chance you could get back to whoever issued the cheque and ask them to issue another?
Sorry not to be able to help more, I know how frustrated I'd feel if the same thing happened to me!
Reply:Six months I believe.
Reply:Try and cash it, but don't be surprised if it is no longer any good. Some checks have a limit of 90 days to be cashed, or it is void, and I'm sure there is a set limit by the banking regulatory people on how long a check is good.
Reply:thats fine if its dated June. Its 6 months so you'll have until December.
Reply:6 months babe. its no use. best to get the cheque writer to write another and aplogise. if not then you have lost it. sorry
Reply:don't think you can! usually its six months. England. but check with your bank.
Reply:I think about 6 months. Your bank may still honour it though
Reply:as long as the person who gave it to you has the money in the bank to cover it
Reply:The norm is 6 months grace period after you get the check I would suggest going to your local bank.
Reply:thats fine take it the bank, as long as the other person has cancelled it!
Wallpapers software
How long do you get to cash old cheques?
Present it for payment and if it is not accepted then ask the drawer to endorse the date. If it's only for a small amount the bank will probably accept it.
_
Reply:Six months in India
Reply:1 year
Reply:i have always wonded about that as well, i'll ask my bank on monday if they arnt busy, just to make sure it is 6months, i have found up some cheques from 05 and the start of this year opps lol
Reply:In the U.S., there used to be a regulation that stated that a check was stale-dated after six months, and that it was up to the drawee bank's discretion if they wanted to pay it. I would deposit it, just in case...and if you have nothing against a 2-5 business day hold (in compliance with Regulation CC), I would put a hold on it as well, in case it does come back unpaid. However....the six months no longer applies, as of a couple months ago. That regulation was repealed. If you can contact the maker of the check, do so, to make sure there isn't a stop payment on it, and to make sure that the person has enough funds in their account to cover it, and that the account is still open. If not, try contacting the drawee bank to verify that the account is open. Then deposit it, preferably with a hold.
Reply:I thought it was three months - you're best checking with your bank.
They may require the cheque to be re-done.
Reply:Six months in the U.K. I recently found one that I had overlooked.
It was from an Exeter solicitor, I wrote to them enclosing photostats of all the paper work etc. and asked them to endorse it so that I could cash it. They refused. So I put it in a picture frame and it now hangs on the wall in my downstairs toilet. It is amazing how many visitors have said to me "Oh, if that is the sort of solicitors they are, I will never deal with them" The firm must surely have lost business because of it, it has become quite a talking point!!
If anyone thinking about using an Exeter solicitor wants to know their name contact me.
Reply:In UK cheques are usually valid for 6 months.
Get whoever wrote the cheque to write a new one.
Reply:I'm sure it is 3 months in England, why not ask the payer to rewrite another one.
Reply:Depends on your bank. Might want to check with them first.
Reply:If you are in the UK the limit is 6 months, I'm afraid.
Is there any chance you could get back to whoever issued the cheque and ask them to issue another?
Sorry not to be able to help more, I know how frustrated I'd feel if the same thing happened to me!
Reply:Six months I believe.
Reply:Try and cash it, but don't be surprised if it is no longer any good. Some checks have a limit of 90 days to be cashed, or it is void, and I'm sure there is a set limit by the banking regulatory people on how long a check is good.
Reply:thats fine if its dated June. Its 6 months so you'll have until December.
Reply:6 months babe. its no use. best to get the cheque writer to write another and aplogise. if not then you have lost it. sorry
Reply:don't think you can! usually its six months. England. but check with your bank.
Reply:I think about 6 months. Your bank may still honour it though
Reply:as long as the person who gave it to you has the money in the bank to cover it
Reply:The norm is 6 months grace period after you get the check I would suggest going to your local bank.
Reply:thats fine take it the bank, as long as the other person has cancelled it!
Wallpapers software
Is it legal to get a cash refund from a credit card purchase?
I am wondering if the Money laundering Act makes it illegal to get cash refund after a credit card purchase.
Is it legal to get a cash refund from a credit card purchase?
Most stores will only refund in the medium that you used to pay for the goods. It's not really viable for money laundering - it's an awful lot of effort....
Reply:not sure but i know most stores will only put the money back on your credit card
Reply:Hi. The simple answer is that yes, it is legal to have money refunded to you in cash when you initially paid via your credit card, however there are a number of other issues to address.
Firstly, the money laundering legislation and regulations (Proceeds of Crime Act 2002, Money Laundering Regulations 2003, FSA regulation with guidance from the JMLSG etc) aren't relevant to this type of financial activity, because unless you are doing this to conceal the proceeds of crime it is not money laundering.
There may be an issue if the card is stolen, but if the card is yours and you conducted a transaction in good faith, there's no problem.
You should bear in mind that if funds are not refunded to your card, you will pay interest on the value of the funds (unless you pay off the amount in full or have a 0% offer on your card), therefore it may be worth accepting a cash refund and then immediately using that cash as a payment toward your credit card bill.
Reply:Hi!
I don't think it's possible..simple as that. Hence..if it is legal or not matters not! You are not going to be able to get cash refunds on credit card purchases..they're not going to do it.
Reply:Yes it is illegal, and most big companies eg comet, supermarkets, wouldnt be able to give you a cash refund on their systems.
Reply:I don't know about the Act but just imagine what a mess you would be in if you gave a refund in cash for a transaction when a stolen card or a cloned card was used.
Reply:The agreement with the banks and credit cards are why they issue credit on the cards. Merchants pay a commission on each credit purchase. They get back their commission when they get a refund credit from the credit card issuing bank.
Reply:all the companies I know only refund you the way you paid,i.e. back onto your card, or else a credit note.
Is it legal to get a cash refund from a credit card purchase?
Most stores will only refund in the medium that you used to pay for the goods. It's not really viable for money laundering - it's an awful lot of effort....
Reply:not sure but i know most stores will only put the money back on your credit card
Reply:Hi. The simple answer is that yes, it is legal to have money refunded to you in cash when you initially paid via your credit card, however there are a number of other issues to address.
Firstly, the money laundering legislation and regulations (Proceeds of Crime Act 2002, Money Laundering Regulations 2003, FSA regulation with guidance from the JMLSG etc) aren't relevant to this type of financial activity, because unless you are doing this to conceal the proceeds of crime it is not money laundering.
There may be an issue if the card is stolen, but if the card is yours and you conducted a transaction in good faith, there's no problem.
You should bear in mind that if funds are not refunded to your card, you will pay interest on the value of the funds (unless you pay off the amount in full or have a 0% offer on your card), therefore it may be worth accepting a cash refund and then immediately using that cash as a payment toward your credit card bill.
Reply:Hi!
I don't think it's possible..simple as that. Hence..if it is legal or not matters not! You are not going to be able to get cash refunds on credit card purchases..they're not going to do it.
Reply:Yes it is illegal, and most big companies eg comet, supermarkets, wouldnt be able to give you a cash refund on their systems.
Reply:I don't know about the Act but just imagine what a mess you would be in if you gave a refund in cash for a transaction when a stolen card or a cloned card was used.
Reply:The agreement with the banks and credit cards are why they issue credit on the cards. Merchants pay a commission on each credit purchase. They get back their commission when they get a refund credit from the credit card issuing bank.
Reply:all the companies I know only refund you the way you paid,i.e. back onto your card, or else a credit note.
Subscribe to:
Posts (Atom)