Boyd Pate wrote:
> If someone deposits cash in to a MM bank account in order to fund their > e-gold acct, isn't that a no risk transaction for the MM? ...
SnowDog wrote:
Tell him he's a lying sack of shit and to go pound sand. :-)Until the depositor calls you up and asks, "Where's my $11,000 Flat-Screen Plasma High Density TV, for which I made the deposit?"
Seriously though, I think Boyd is talking about the non-reversibility of the payment and the guarantee that the payment really did occur.
For example, even though I'm not a formal MM I could sell some e-gold to somebody by telling them to first deposit cash in my bank account. I could then check my bank account online, and the instant I saw the deposit I could instantly spend the e-gold in complete and utter safety, knowing the deposit was in fact made and is mine to keep. Right? Or am I missing something, and some more savvy MMs out there can correct me?
By the way, Boyd, I really like all your questions, especially that last quite logical query "should
not the least risky transaction for the MM carry the least fees charged?" I've heard of bank wires being reversed, but I've never heard of cash deposits being reversed.
Of course, it's theoretically possible that under USA "Patriot" Act (a tragic misnomer) and various money laundering laws, all bets are off even with cash deposits. The bank might move those funds into a "questionable funds" account. But I would assume that this risk is identical with bank wires (well, cash may actually be a tip-off ... dang this is getting complicated).
But assuming governmental risk is identical for both cash deposits and wires, it is true that cash deposits are less risky than wires?
-- Patrick
http://fexl.com
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